Here at Publicliability.ie we are always looking out for developments in the legal and judicial areas where improvements might be made to the current high level of awards that is feeding into high insurance costs for our policyholders.
The Law reform commission has today published its report into ‘Capping damages in personal injury awards’. The paper deals with looking at various different models that might /could be used in determining ‘general damages’ in personal injury claims and how a cap might be applied to such damages. The issue that arises in making changes or proposing possible caps on awards is that such changes might be challenged in the courts or that capping awards might be deemed unconstitutional. There is no doubt that the award levels and associated legal costs in defending claims are feeding into higher premiums and from our side, we are seeing that client who has suffered liability claims are in some instances finding it very difficult to secure insurance covers – at any price.! These issues plus the exit of a number of insurers from the market have meant that the insurance market for liability insurance is now very restricted. Insurers are often only looking to quote for, what they see, as the absolute lowest risks and if you are unfortunate to be in a particular industry sector or have had previous claims then you are looking at hefty liability premiums and excesses or the possibility not getting a quote at all.
The report referred is a pretty extensive document and tries to tease through various issues arising from its subject – Let’s hope that it will be another valuable cog in the Important task of bringing about reform in the awards for personal injury claims and that it will feed through to bringing savings to the hard presses insurance buyer.
Details of the document issued by the Law Reform Commission on Personal Injury reform and capping awards may be found HERE
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