CLM Alliance (Claims and Litigation Management Alliance)’s Post

Social inflation and nuclear verdicts can have an impact on the overall legal and business environment. There are several ways you can further your strategies to manage and mitigate these risks. Defense Partners Fred Fein and Holly Polglase cover this inflated verdict/settlement phenomenon in our recent US Litigation School webinar. Fred and Holly discuss ways in which you can help stop nuclear verdicts, including important steps you can take to prepare for trial by holding a mock trial, putting together focus groups, and conducting research regarding jury and venue. Watch the complete US Litigation School Social Inflation & Nuclear Verdicts Webinar: https://bit.ly/3HQtBqY Have questions for our lawyers navigating these risks? Contact https://bit.ly/3UuCqOI #litigationschool #socialinflation #nuclearverdicts

Attention Business Owners: Understanding nuclear verdicts and settlements is crucial to protect your business from significant financial and reputational harm, and most importantly, to prevent tragic loss of life due to negligence. Learn from others' mistakes to safeguard your company's future. This recent nuclear settlement highlights the dire consequences businesses face from such legal actions. By analyzing the factors that led to the loss and identifying compliance considerations, you can take proactive measures to prevent similar outcomes. Don't wait until it's too late. Educate yourself and your team on nuclear verdicts and settlements to mitigate risks and ensure your business is prepared for any legal challenges ahead. #RiskManagement #BusinessProtection #LegalCompliance #Lakenan

How can you help prevent one of the largest factors to social inflation? Our recent US Litigation School webinar focusing on social inflation and nuclear verdicts, featuring defense Partners Fred Fein and Holly Polglase, covers this inflated verdict/settlement phenomenon. Fred and Holly share ways in which you can help stop nuclear verdicts, including having a detailed strategy and theme. Watch the complete US Litigation School Social Inflation & Nuclear Verdicts Webinar: https://bit.ly/3HQtBqY If you have questions for our lawyers navigating these risks, reach out to https://bit.ly/3UuCqOI #litigationschool #socialinflation #nuclearverdicts

CLM and non-CLM members! Are you prepared to defend against corporate identity bias in the courtroom? Join Tyson & Mendes Strategic Managing Partner Robert Tyson and Partner & Head of Communications Ashley Paige Fetyko on August 28 for a webinar with CLM Alliance (Claims and Litigation Management Alliance), where they’ll share expert strategies on how to effectively personalize the corporate defendant to prevent Nuclear Verdicts®. Don’t miss out on this opportunity! Learn more and register here: https://hubs.la/Q02LPq4d0 #TysonMendes #CLM #NuclearVerdictsDefense #InsuranceDefense #NONuclearVerdicts #JusticeforAll #CorporateIdentityEffect #AntiCorporateBias #NuclearVerdicts

Nuclear verdicts can have serious repercussions for businesses across all industries, leading to lasting reputational damage, potential underinsurance issues, and significant financial turmoil. In our recent #MJInsight, check out the impact of vehicle maintenance that led to a $100M+ jury verdict, and consider proactive measures to help mitigate these risks for your organization. https://lnkd.in/graGrFvj

🚨 Understanding Nuclear Verdicts in 2023 In 2023, nuclear verdicts surged to a record $14.5 billion, a 27% increase from the previous year. According to the report "Corporate Verdicts Go Thermonuclear" as seen in Insurance Journal, the median #nuclearverdict rose to $44 million, up from $21 million in 2020. These large jury awards are reshaping the #risklandscape for businesses across various sectors. Product liability cases, especially high-profile claims, led the charge, significantly impacting industries like real estate, chemicals, and automobiles. Our team specializes in navigating these complex #risks. Contact us today to learn more about our tailored #riskmanagement solutions. 🔗 https://hubs.la/Q02zTNX_0 #BusinessInsurance #WIA

(...) Recent statistics on jury verdicts:  Between 2010 and 2018, the average size of verdicts over $1 million rose from $2.3 million to $22.3 million. (Rice, S., Nuclear Verdicts Drive the Need for Insurers’ Litigation Change, Law360 Insurance Authority, Sept. 8, 2021)  In a study of 1,376 verdicts of over $10 million in state and federal courts, the median verdict grew from $19.3 million in 2010 to $24.6 million in 2019, a 27.5% increase (outpacing the inflation rate of 17.2% over the same period). (Cary Silverman & Christopher E. Appel, Nuclear Verdicts: Trends, Causes, and Solutions, U.S. Chamber of Commerce Institute for Legal Reform, September 2022)  The average verdict in the National Law Journal’s Top 100 Verdicts more than tripled from $64 million to $214 million between 2015 and 2019. (National Law Journal’s 2015 and 2019 editions of the Top 100 Verdicts)  Trucking verdicts, which averaged $2.3 million in 2010, surged to $22.2 million in 2018. (“Trucking Targets ‘Nuclear’ Verdicts,” Sept. 16, 2020)(...) https://lnkd.in/dJB5f-MU

📣Agents: In today’s hard market and evolving legal environment, you must keep your finger on the pulse of nuclear verdicts and claims trends to adopt proactive strategies. Thermonuclear verdicts, third-party litigation funding and TBI claims are shaping the current insurance landscape — and your insureds are counting on you to help them navigate these challenges and safeguard their operations. Help your insureds prepare — and avoid or minimize costly claims — with these and other tips from our resident claims expert Wayne King. Read more here: https://lnkd.in/en8hk4i8 #claims #industrytrends #PCAgents #thermonuclearverdicts #TPLF #TBIclaims

According to a report from the U.S. Chamber of Commerce Institute for Legal Reform, nuclear verdicts of $10 million or more are on the rise. The prevalence of nuclear verdicts is having significant and negative consequences in the insurance market (for both the carrier and the consumer). Here are 5 examples: 1. Premium Increases 2. Underwriting Challenges 3. Claims Management 4. Reserve Adequacy 5. Reinsurance Costs #nuclearverdicts #insurance #trends2024

💼 Nuclear verdicts—multi-million dollar legal awards—are one of the most pressing challenges facing the trucking industry today. These high-stakes cases drive up insurance costs, threaten small carriers, and impact supply chains. Our latest article explores: 🔹 Why nuclear verdicts are increasing 🔹 Their impact on trucking operations 🔹 Solutions for a more balanced legal landscape 📖 Trucking and Litigation: The Growing Concern of Nuclear Verdicts 👉https://ow.ly/Mk2250UgiV6 #TruckingIndustry #LegalReform #SupplyChain #RiskManagement