Unfortunately, the “amount of insurance” stays the same–limits aren’t raised as often as you might think. Also the amount of premium increases actually permitted by the state insurance boards is next to nothing. So, in short, check your facts.
I wish you would read the annual statements or the applications for rate increases by insurance companies. Med mal companies write with loss ratios in the low 100s, i.e. for every dollar in premium they receive, they pay over 1 dollar in indemnity and defence costs. When you add to this u/w expenses, this figure jumps to the high 120s. That is, 25-30 cents for u/w expenses added to the 1 dollar of claims costs and defence costs.
Again, a post devoid of facts, only baseless assumptions of greedy profit seekers. Look at the facts.
Omar, how can a quad survive on 250k non economic damages (if capped)??? simple, they’re non economic…there typically is no cap on economic damages; those damages would pay the amounts required for future medical care, services, transportation, loss of income, etc. Non economic damages would be over and beyond the economic damages necessary for that person. What’s enough for that injury? Personally, I don’t see how you can pinpoint an amount; what would you accept to become a quad? What does it due to punish the defendent? It won’t make the person walk again; so what would you propose?
Chuck is so right about the situation in NY State. Here small contractors have trouble getting any liability insurance at all because NY Labor Law (“scaffold law”) allows injured employees to jump over their employer’s WC policy to the general contractor’ GL policy on an absolute liability basis. A GL renewal I did yesterday for a small residential contractor ($608,000 receipts) went from $4,500 in 2004 (with 2004 admitted carrier nonrenewing 2005 due to class of business) to $16,000 in 2005 (non-admitted carrier) and he was declined by 2 carriers and has had no losses ever (20+ years experience). Less experienced contractors can’t afford or can’t get GL insurance now. I see no change of this law coming in the near future with the NY Legislative Assembly headed by Sheldon Silber, of counsel to the large personal injury 800 number law firm Weiss & Luxemborg.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
Depends on the line of business. In my experience, the reserves are woefully inadequate.
Unfortunately, the “amount of insurance” stays the same–limits aren’t raised as often as you might think. Also the amount of premium increases actually permitted by the state insurance boards is next to nothing. So, in short, check your facts.
I wish you would read the annual statements or the applications for rate increases by insurance companies. Med mal companies write with loss ratios in the low 100s, i.e. for every dollar in premium they receive, they pay over 1 dollar in indemnity and defence costs. When you add to this u/w expenses, this figure jumps to the high 120s. That is, 25-30 cents for u/w expenses added to the 1 dollar of claims costs and defence costs.
Again, a post devoid of facts, only baseless assumptions of greedy profit seekers. Look at the facts.
Omar, how can a quad survive on 250k non economic damages (if capped)??? simple, they’re non economic…there typically is no cap on economic damages; those damages would pay the amounts required for future medical care, services, transportation, loss of income, etc. Non economic damages would be over and beyond the economic damages necessary for that person. What’s enough for that injury? Personally, I don’t see how you can pinpoint an amount; what would you accept to become a quad? What does it due to punish the defendent? It won’t make the person walk again; so what would you propose?
Chuck is so right about the situation in NY State. Here small contractors have trouble getting any liability insurance at all because NY Labor Law (“scaffold law”) allows injured employees to jump over their employer’s WC policy to the general contractor’ GL policy on an absolute liability basis. A GL renewal I did yesterday for a small residential contractor ($608,000 receipts) went from $4,500 in 2004 (with 2004 admitted carrier nonrenewing 2005 due to class of business) to $16,000 in 2005 (non-admitted carrier) and he was declined by 2 carriers and has had no losses ever (20+ years experience). Less experienced contractors can’t afford or can’t get GL insurance now. I see no change of this law coming in the near future with the NY Legislative Assembly headed by Sheldon Silber, of counsel to the large personal injury 800 number law firm Weiss & Luxemborg.