Insurer finds a growing gap between liability coverage and growth in “nuclear verdicts.” https://bit.ly/3XLVfyD
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In a recent report, Chubb revealed a significant surge in large verdicts against corporate defendants, escalating by 273% from 2020 to 2022. These "nuclear verdicts" are driving insurance premiums and median limits to unsustainable heights, posing existential challenges for many organizations. The courts need to address this trend. The purpose of insurance is to indemnify, (i.e. to make whole again), not a winning lottery ticket for plaintiffs and their attorneys.
Organizations are vastly underestimating their liability risk
cfobrew.com
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💡 The Path Forward: Partnering for Protection Against Nuclear Verdicts 💡 The surge in nuclear verdicts necessitates a collaborative approach between businesses and their insurance partners to navigate these challenging legal and insurance landscapes effectively. Staying informed about industry trends and legal developments is key to formulating a robust defense strategy. Our latest blog post emphasizes the importance of understanding past precedents and current trends to tailor risk management practices that address the unique challenges your business faces. By adopting comprehensive risk management practices and working closely with a proactive independent agent, businesses can secure a more predictable legal environment for themselves. Learn how to protect your organization from the unpredictable nature of nuclear verdicts with thorough planning, ethical practices, and strategic insurance partnerships. Dive into our article for a deeper understanding and practical tips on fortifying your business against this growing threat. #LegalTrends #StrategicPartnerships #RiskMitigation https://lnkd.in/evYmGVDv
Navigating the Surge in Nuclear Verdicts: Essential Insights for Business Leaders - GMG Insurance
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Partnering with and Protecting Companies in Construction | Construction Risk Advisor | Woodruff Sawyer
Insightful information discussing the social and economic impacts of current legal system abuse strategies. Contractors and businesses alike are feeling the strain of large "nuclear" verdicts driven by Third Party Litigation Funding, putting pressure on commercial insurers and reinsurance markets. https://lnkd.in/ezwR67GW
Munich RP March2024
info.businessinsurance.com
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With escalating business costs, weather-related catastrophes, high interest rates, nuclear verdicts and crime, commercial real estate owners and investors need to harness the power of risk management to stay ahead of the game. Read our article for Commercial Property Executive by Chip Stuart to better understand the ways to mitigate risk and cope with elevated costs and rates. Article below! #riskmanagement #commercialrealestate #insurancemarketing
Rising Insurance Costs and the Power of Risk Management
https://www.commercialsearch.com/news
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Insurance Broker: Construction, Nonprofits, Hospitality, Manufacturing, Healthcare / Past President and Board Chairman: UNLV, LVNHM / Rotarian / VP/Shareholder
A #nuclearverdict is a jury award of at least $10M versus an organization. These awards have a large impact on rising rates for #commercialinsurance and are part of the reason for insurance premiums increasing - even if your organization has not had any claims. Product liability, auto accident, and medical liability cases account for two-thirds of all reported nuclear verdicts. #insurancerates #insuranceindustry
Nuclear Verdicts Surge With Median Award Near $24M in 2023 - Risk & Insurance
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Nuclear verdicts, exceeding $10 million in civil lawsuits, present significant challenges for defendants and insurers. These large awards often surpass actual damages, highlighting the importance of robust risk management in D&O and E&O liability insurance. Effective risk strategies are crucial to mitigate exposures, emphasizing the need for a well-rounded risk management framework alongside insurance coverage. Clear policy language is key in aligning expectations and preventing disputes, underlining the importance of thorough policy reviews. Organizations must prioritize risk identification, compliance culture, and comprehensive documentation to manage D&O and E&O risks effectively. Integrating insurance with strong risk management practices enhances resilience and reduces the impact of potential claims. https://lnkd.in/g7pHw6H5. #RiskManagement #Insurance #BusinessRisk
Into the Surge in High-Stakes Verdicts: A Deep Dive Into Nuclear Verdicts
insurancejournal.com
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As a retail P&C broker, I can attest that one of the most dreaded phrases in our industry is "due to market conditions". However, it's important to acknowledge that nuclear verdicts and outsized jury awards do heavily influence these conditions. The impact of these verdicts is felt across the board, leading to premium increases, restrictive underwriting, and a reduction in insurers' capacity to write coverage. Let's stay vigilant and work towards a solution that benefits everyone involved.
In recent years, the insurance industry has been grappling with a growing concern: the surge in what is now termed “nuclear verdicts.” Understanding the root causes and implications of these verdicts is crucial for insurance companies and their clients, as it may save them from exceedingly high levels of liability. https://lnkd.in/giyeTMfi
Into the Surge in High-Stakes Verdicts: A Deep Dive Into Nuclear Verdicts
insurancejournal.com
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Acknowledging the challenges faced by the insurance industry, we emphasize the need for tailored risk management strategies, considering factors like changing societal attitudes and regional concentrations. Our commitment extends to proactive solutions, addressing the impact on industries and the importance of reputation management for insurance companies. Aligning with the Insurance Journal article's recommendations, Schaefer City Technologies LLC offers a multi-pronged approach, empowering insurers with tools for effective mediation, witness preparation, and risk modeling. In navigating the era of Nuclear Verdicts®, we aim to equip insurance companies not just to survive but to thrive in this dynamic landscape. As pioneers in legal innovation, we are committed to developing adaptable strategies for managing these challenges effectively. Read the full article from Insurance Journal for a comprehensive view of the landscape and proactive measures needed to thrive. #InsuranceIndustryInsights #LegalInnovation #RiskManagement #NuclearVerdicts #SchaeferCityTech
In recent years, the insurance industry has been grappling with a growing concern: the surge in what is now termed “nuclear verdicts.” Understanding the root causes and implications of these verdicts is crucial for insurance companies and their clients, as it may save them from exceedingly high levels of liability. https://lnkd.in/giyeTMfi
Into the Surge in High-Stakes Verdicts: A Deep Dive Into Nuclear Verdicts
insurancejournal.com
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