Recent Wave Of High Jury Verdicts In Premises Liability Cases
Highlighted by a recent decision by CVS Pharmacies, to close around 900 stores across the country after a Georgia court upheld a $43 million premises liability verdict against the company, there has been a noted increase in high verdicts across the United States. These premises liability cases have involved a number of issues, including criminal acts and inadequate security. The string of recent results has led some commercial insurers to refine their underwriting standards to ensure that their retail business have adequate security measures in place. Nationwide, verdicts in excess of $10 million appear to be on the rise. Verisk, which compiles insurance data from around the country, reported that the average size of jury awards climbed almost 1,000% from 2010 to 2018, to about $22 million. The increase in these verdict amounts has led to some insurance companies reconsidering their policies to increase their levels of reinsurance in areas with plaintiff-friendly jurisdictions. Thanks to Alexander N. DiMeo for his contribution to this post. Please contact Heather Aquino with any questions.
0