Liability and liability insurance: Yesterday - today - tomorrow
Developments in legal liability laws and liability insurance are shaped by social, technological and legal changes. These occur erratically and can rarely be foreseen, but do all roads lead to no-man's land?
Today’s consumers expect a steady flow of innovative products aimed at enhancing the quality of their lives, and they expect these products to be safe. Yet increasingly, the momentous changes brought about by technological progress are contributing to a marked rise in compensation claims, notably when technological progress is seen to have failed.
A consequence of the social and technological changes are developments in standard legislation and court practices. Clearly reflected in both is the demand for the “victim’s“ full protection. The exaggerated protective and compensatory standards embedded in civil liability law are matched by similar pressures from the injured parties, whether actual or alleged. Because the causes of losses relevant to compensation often do not manifest themselves until years later, it is almost impossible to forecast which obligations will have to be met.
To illustrate the changes that have taken place in liability insurance, the publication covers the net of liable parties and the types of liability loss for which claims are made. The judicial interpretation of policy wordings, the types of triggers for coverage and the definition of insured liability loss are each examined. Given a general outline of the path which legal and insurance-related developments might follow, the reader may come closer to answering the question, “Where will it all end?“
