The transportation industry is constantly evolving and changing. However, “nuclear verdicts,” or legal actions that result in settlements reaching amounts over $10 million, have changed insurance rates for some sectors of the transportation industry. Unfortunately, “nuclear verdict” settlements have resulted in greater risk and liability for those employed in the trucking industry.
The Transportation Industry and Insurance
The transportation industry is a vital player in the U.S. economy since it encompasses the movement of commodities, products, and people. The transportation sector includes airline companies, shipping businesses, railroad companies, and lastly, trucking companies. With the onset of “nuclear verdict” settlements, transportation insurance has become increasingly important for leaders in the transportation industry.
“Nuclear Verdicts” and Truckers
Traffic safety has always been a concern for the transportation and trucking sectors. Trucking accidents usually result in devastating accidents that happen for reasons out of the involved parties’ control. Since recent legal actions imply that truckers will now be held accountable for accidents that happen on the job, many professionals worry that unwarranted death and injury lawsuits will take place.
If you work in the transportation industry, consider what “nuclear verdict” lawsuits may mean for you. Even though insurance companies are more hesitant to insure truckers, you should always have the best insurance available.