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I can speak from experience that professional malpractice insurance has gotten so out of hand it is almost unfathomable. I am an attorney and my partner and I have a small law firm that specializes in the defense of catastrophic injury (death, brain damage, dismemberment etc.) cases for insurance companies and corporations. Two years ago we were defending a medium size company. Long story short, company's truck in a bad accident. Company does not want to settle claim for kind of money being asked for (10-12 million) because they don't believe they did anything wrong (they were right, they really didn't). Anyway, case comes to my partner. Case goes to trial and we loose. Jury comes back 16 million dollars (no punitive damages). We, of course, want to appeal, but company does not want to pay large premium for a bond (you have to buy a bond to cover the damages when you appeal a money judgment) and wants to negotiate a settlement. They do so without us for 6 million. Guess what, 6 months later we get a letter from a lawyer in Chicago, saying we screwed up, we didn't do this, do that, etc. My partner spent hundreds of hours preparing the case, I spent several hundred doing the same. We just lost plain and simple. The jury HATED our clients. They seemed pompous and arrogant and never thougt we should settle case, DESPITE our advice to do so. They want us to turn the claim over to our insurance carrier. We do so. Our insurance carrier defends the case, writes an opinion that we did nothing wrong. Puts ZERO money to settle case with company. Case goes away for nothing. Guess what, the insurance carrier non-renews our 2,800 policy. And I have to go find us new insurance. Soon as I disclose a "claim" I am refused quotes from 4 companies. Finally get a quote, 31k/year. My partner been practicing 41 years, NEVER HAD A CLAIM EVER. That kind of money represents around 5% of our revenue a year. Completely nuts. We did nothign wrong, were the victims of a shakedown, all because of a bad result at trial and greedy company. Yes, there is a problem. And for professionals everywhere, it is coming to you soon. Who needs powerball when all you need is a good lawsuit! That fishing expedition costs me 28k a year now. Sure makes me feel warm and fuzzy inside.
[OFF SOAPBOX NOW] Breathe. Resume normal operation.
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Bill Smoak
What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul!
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