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Dealing with an Extra Digit: Latest Developments in Excess Liability Insurance Coverage and “Bermuda Form” Arbitrations for Catastrophic Exposures

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  • Dealing with an Extra Digit: Latest Developments in Excess Liability Insurance Coverage and “Bermuda Form” Arbitrations for Catastrophic Exposures

If you are the general counsel of a Fortune 500 company, you might be excused if you express bewilderment in response to reports about the successes of U.S. “tort reform.” In the past 5-8 years, both the plaintiffs’ bar and governmental authorities seem to have added an extra digit to many mass tort and product lability claims, demanding nine or even ten figures—and sometimes securing such sums—for personal injury or property damage claims that previously would have yielded eight- or nine-figure results. To be sure, the injuries and damage in some cases are very substantial. But tort valuations have exploded in many cases where there is scant proof of serious injury or devastating damage and no loss of life, and even where the science may favor the defense on quantum.

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