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Tort Excess 2005: The Necessity for Reform from a Policy, Legal and Risk Management Perspective

The American Legal System is out of control. Rising liability costs place a crippling burden on American businesses and have strained the ability of insurers to meet demand for liability coverages. Legislative tort reform, both at the state and federal levels and rigorous risk management are needed.

The Insurance Information Institute, AIG and the U.S. Chamber of Commerce have jointly developed the attached white paper: Tort Excess 2005 – The Necessity for Reform from a Policy, Legal and Risk Management Perspective.

The paper is broken into three parts:

Survey of the Litigation Environment

The Impact of Tort Abuse (on the businesses, consumers, the economy, insurance buyers and the insurance industry)
Suggested Reforms and Risk Management Techniques (i.e., specific changes in federal law that would cut down on abuse as well as recommendations for businesses as to how they can create an effective insurance program that will protect them against enormous and unpredictable liability losses).

We hope that you will find this paper meaningful and useful when writing stories on this important issue.

The paper is available in Adobe Acrobat format. However, you do need the appropriate software to view. You can download Adobe Acrobat, free of charge, from their website (http://www.adobe.com/products/acrobat/readstep.html ).

Download/View File: Adobe Acrobat File (435 K)