Class Action Lawsuits and Lawyers

Strict liability--sometimes called "liability without fault"--is based on the breach of an absolute duty to make something safe. See Bryan A. Garner, ed., Black's Law Dictionary, 7th ed.
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Class Action Lawsuits and Lawyers

Assuming that consumers continued to insure themselves only for pecuniary losses, the result of this option would be that insurance companies could collect more than they paid out whenever one of their policyholders was awarded punitive damages or compensation for pain and suffering (or pecuniary damages in excess of the policy's benefits). The expected value to insurers of the net proceeds from such cases would reduce their costs, and in a competitive market, they would pass on the savings to consumers through the premiums they charged. In principle, the result for the average consumer would be to exactly undo the inefficient "bundled" coverage for nonpecuniary damages that is implicitly included in the prices of risky goods and services. Taking into account their savings on premiums and their restricted compensation in the event of an injury, consumers would be paying for and receiving coverage only for pecuniary damages.
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Class Action Lawsuits and Lawyers

Reno, and John F. Burton Jr., Workers' Compensation: Benefits, Coverage, and Costs, 2001 (Washington, D.C.
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Class Action Lawsuits and Lawyers

They also cover only a subset of states. Another possible source of data on the outcomes of tort cases is insurance company records--since a large percentage of tort awards are paid by defendants' insurers--but companies do not regularly make those records available. 14. Many, if not most, court awards are negotiated among the parties after trial, are reduced by the judge, or are subject to statutory reductions, such as caps on damages.
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