Ryan Ascenzo, RPLU’s Post

Nuclear verdicts are taking over the #insurance industry, but what exactly are they? Taylor Gill Lyden explains, and shares why your company should be prepared for these verdicts, on PropertyCasualty360  

The surge in nuclear verdicts is causing a seismic shift in how the #trucking industry approaches liability and #insurance. Protective Insurance, SambaSafety, GPS Trackit, and more share their insights on the “Impact of Fleet Technology on Nuclear Verdicts and Safety.” bit.ly/47Uu324

Nuclear verdicts, court awards or settlements over $10M have been on the rise, with a 27.5% increase from 2010-2019, posing serious challenges for insurance companies. The highest risk areas? Product liability, auto accidents, and medical liability. We must grapple with understanding the implications of these verdicts as they can expose insurance companies and clients to high levels of liability. 📈⚖️ #InsuranceIndustry #NuclearVerdicts #LiabilityRisk A Deep Dive Into Nuclear Verdicts In recent years, the insurance industry has been grappling with a growing concern: the surge in multimillion-dollar litigation awards, what is now termed "nuclear verdicts." https://ow.ly/7QvF30syWSK

Nuclear verdicts—jury awards over $10M—are increasingly impacting property brokers in the US. These massive awards can result from severe accidents involving carriers hired by brokers that tragically result in bodily injury or death. Key Impacts: • 📈 Rising Insurance Costs • 🛠️ Stricter Vetting Processes • ⚖️ Increased Settlements • 📉 Market Consolidation Preventative Measures: • ✅ Enhanced carrier vetting and safety compliance • 📄 Strong contractual protections and sufficient carrier insurance • 🔧 Robust risk management and operational audits • 📊 Tech integration for real-time tracking and compliance Despite the increased risk environment, many brokers/3PLs still do not carry Contingent Auto Liability Insurance. Speak to your insurance broker about securing a quote. Proactive measures are crucial to navigating these challenges and ensuring the protection of your organization. #NuclearVerdicts #RiskManagement #Logistics #3PL

Proud to have my recent article published in the Insurance Journal. In recent years, the insurance industry has been grappling with a growing concern: the surge in what is now termed “nuclear verdicts.” As the name suggests, these are not just ordinary legal outcomes. These verdicts are particularly high jury awards that exceed a “reasonable amount” that judges would normally award based on precedent. Even in cases where there is no precedent, there is a general understanding of the ballpark in which the settlement value may lie. However, in cases with nuclear verdicts, the settlement values may far surpass expectations. 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. #insuranceindustry #insuranceclaims #insurance #riskmanagement #riskmitigation #juryawards #litigationfunding #expensemanagement #expensetracker #lossprevention #losscontrol

The ongoing trends of social inflation and litigation funding continue to drive nuclear verdicts in casualty claims that go to court, increasing pressure on insureds and carriers alike. https://lnkd.in/gMXBJ5Er

While it's true social inflation, litigation funding and nuclear verdicts are having a huge impact on total cost of risk, does it have to be fait accompli? Don't let the industry dictate your outcome, talk to professionals at HUB to protect your organization.