1. Is This General Liability Claims Cost Driver On Your Radar?
- Author
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Myers, Mike
- Subjects
- *
RADAR , *WORKERS' compensation , *THIRD party litigation funding , *LAWYERS - Abstract
The article discusses the increasing trend of legal system abuse as a driver of general liability claims in the construction sector. Factors such as social inflation, nuclear verdicts, and the devaluation of money contribute to inflated jury awards. The use of tactics like the Reptile Theory and third-party litigation funding also play a role in driving up costs. To mitigate this risk, businesses can implement good risk management practices, such as using security cameras to deter fraud and conducting thorough incident investigations. Regular claims review meetings and involving all stakeholders, including insurance carriers, can help identify high-cost claims and resolve them faster. [Extracted from the article]
- Published
- 2024