“Nuclear Verdicts” Skyrocket As Trucking Industry Threatened By Lawsuits

“Nuclear Verdicts” Skyrocket As Trucking Industry Threatened By Lawsuits
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On average, the verdict size for any lawsuit is well above $1 million USD. This would also involve a truck crash that has since increased 1,000% from 2010 to 2018. This woud rise from $2.3 million to the $22.3 million since. As many would know, “nuclear verdicts” drive up insurance rates way too high. This is for trucking companies to insure their own costs’ rise and therefore encourage carrieres to leave the market therefore. Nucelar verdicts essentially are jury awards that surpass $10 million. By cutting costs, the larger operators have to scale back excess insurance. This therefore leaves more risk that they should be involved in an accident.

Highway safety is important to keep intact when only one bad crash can leave any company in bankruptcy. Plenty of companies worry about this type of ordeal. Data being analyzed by the National Safety Council is just a bit over 5,000 large entries of trucks stuck in fatal accidents. This was just in 2019. Several injuries stuck with truck crashes arose to nearly 160,000. With most folks being other vehicular occupants.

There were plenty of Nuclear Verdicts rising in pricing!

When considering such nuclear verdicts past $1 million, the size is way for comfort. US Xpress however has about 7,000 trucks. Their CEO said that nuclear verdicts have gone up almost more than ten times over for the past three to four years. When trials become involved, it’s apparent someone has to pay. Truly because of big pockets. Insurance industries neatly title them nuclear verdicts because jury awards passing $10 million are due to corporate mistrust, litigation financing and overall pessimism.

Therefore, the trucking industry tends to see it all as entirely punitive. It’s bias is against transportation companies and the attorneys ever so aggressive. High-profile accidents result in massive verdicts that go against trucking companies. Even when it’s the fault of passenger cars.

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