Unfortunately accidents happen and people and property get injured or damaged, but, who is ultimately responsible is many times left up to the judicial system to determine when the parties cannot sort it out on their own. As anyone in business knows, the future cost of your commercial insurance is largely predicated upon your past claims history. Therefore, it’s hugely important to do all that you can to mitigate risk exposures where possible and actively involve yourself in the ongoing settlement of claims in conjunction with your broker and adjuster. The following case highlights just how emblazoned the plaintiff bar becomes when they think a large verdict is possible. While our client and contracted insurance company consider this a “win”, it still cost lots of money to defend and settle.
The following details a 3-day jury trial we finished last week for a non-emergency provider in rural America. It was an admitted liability case and plaintiff obtained a verdict for $150,000. The week before trial, we offered $150,000 in response to plaintiff’s last demand of $850,000. At trial, plaintiff asked for $1,850,000 based on $650,000 of medical specials.
The case was filed on behalf of an injured transport, a 70+ year-old mentally and physically disabled man with a very nice, affable disposition. He could communicate his needs but is essentially non-verbal. His younger sister filed the action as his conservator. [Read more…]
I have worked with hundreds of Non-Emergency Medical Transportation companies over the years and have come to find that only a handful are offering driver incentive (recognition) programs as part of their overall loss control management plan.
Katie Reid owns Hair Begone, LLC, a small company that manufactures one product, a lightweight, solar powered, pet hair removal device. Katie is excited that she has a long-term patent for the key component in the machine, which creates a powerful magnetic like field that instantly lifts all pet hair from any surface.
Graham‘s Sprout Gourmet, LLC (GSG), a fine dining health food restaurant, is in trouble. The area economy has tanked with the closing of a nearby Solar Panel Manufacturing plant, resulting in the loss of 5,000 jobs. Many of the plant workers were also regular customers of GSG, and their departure from the area has resulted in a serious downturn in business, not only for GSG, but for many other area businesses.
There are a myriad of reasons an Insured may elect to cancel their insurance coverage which range from the sale of an asset (i.e. – automobile or building), to a child becoming an independent adult, to simply closing a business. Regardless of the reason, there is a methodical process upon which the cancellation is documented, and unearned premiums returned to the Insured, all of which are closely governed by State insurance law.
When should my company purchase Foreign Liability Insurance? This question is asked more each year as companies expand their operations into foreign countries. The majority of insurance policies issued in the United States provide little, if any, protection for losses occurring abroad, creating the need for coverage for these uninsured exposures. Foreign Liability Insurance is the first line of defense against costly litigation arising from actions arising outside the United States.