According to an online news report posted on foxbusiness.com, the size of jury verdicts in tractor-trailer truck accident lawsuits have been growing at an ‘exponential pace.’ The average jury award granted in large truck accidents increased by 483% from 2017 to 2018.
As the average jury verdict in trucking accident cases continues to climb, some lawmakers suggest raising the minimum amount of mandated commercial truck accident insurance coverage. The number and size of these “nuclear verdicts” in semi-truck accident lawsuits have grown substantially. The legal term “nuclear verdicts” is used to denote substantial jury verdicts.
In 2016, there were only four truck accident jury awards of $1 million or more. However, in 2013, there were over 70 jury awards of at least $1 million. From 2005 to 2019, the number of cases in which the plaintiff was awarded at least $1 million grew by 235%.
According to a recent 2020 study conducted by TruckingResearch.org, if children were involved in the truck accident and related litigation, the jury award statistically increased substantially. Further, in accident cases involving spinal injuries, those jury awards were statistically more considerable.
Lawmakers are working with the Federal Motor Carrier Safety Administration to determine if raising the required minimum coverage from $750,000 to $2 million. The current minimal accident insurance coverage for commercial trucks carrying freight is $750,000 to $5,000,000, depending on the type of goods transported.
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