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February 21, 2020

Nuclear Verdicts, Litigation Trends Drive Spike in Trucking Insurance

The trucking industry is facing a “potentially life-threatening” rise in insurance costs that is directly linked to an “astronomical increase in litigation,” according to Insurance Business Magazine.

In the words of John Woods, vice president and national practice group leader for transportation at Burns & Wilcox, more cases are going to trial because of the “routine publication of nuclear verdicts,” which is resulting in “courts and juries willing to hand down judgments that have far exceeded anything we have seen in the past.” Woods also cites an increasing tendency of juries to focus not on the facts of a case or the losses in front of them, but rather on a desire to punish a company for what the jury views as unacceptable conduct.

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