Inflation in your World

#376
#376
hUTch2002 said:
Fantastic. You keep your head buried and I’ll go on my merry way.
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You're amusing you have presented no evidence, but an uninformed opinion and you still have the gall to say I am the one with my head buried. I actually work within the field you are talking about. I try cases. Your arguments about prelitigation funding are absurd. Most attorneys who try cases have always had a line of credit if needed. I also maintain reserves that enable me to hire experts, jury consultants and the like. Nothing has changed in the past 20 years. Each case is analyzed in my office to determine what is an appropriate investment considering the risk/reward.
 
#377
#377
ClearwaterVol said:
You're amusing you have presented no evidence, but an uninformed opinion and you still have the gall to say I am the one with my head buried. I actually work within the field you are talking about. I try cases. Your arguments about prelitigation funding are absurd. Most attorneys who try cases have always had a line of credit if needed. I also maintain reserves that enable me to hire experts, jury consultants and the like. Nothing has changed in the past 20 years. Each case is analyzed in my office to determine what is an appropriate investment considering the risk/reward.
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I don't think you have presented any evidence either.

and considering the pretty blatant bias you would have in this particular argument there is no reason for anyone to take you at your word even if you are informed.

especially, considering you are a lawyer who gets paid to twist words around.
 
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#378
#378
ClearwaterVol said:
You're amusing you have presented no evidence, but an uninformed opinion and you still have the gall to say I am the one with my head buried. I actually work within the field you are talking about. I try cases. Your arguments about prelitigation funding are absurd. Most attorneys who try cases have always had a line of credit if needed. I also maintain reserves that enable me to hire experts, jury consultants and the like. Nothing has changed in the past 20 years. Each case is analyzed in my office to determine what is an appropriate investment considering the risk/reward.
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You’re right. In the last 20 years nothing has changed. There’s no such thing as nuclear verdicts. Carry on counselor.
 
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#379
#379
ClearwaterVol said:
You're amusing you have presented no evidence, but an uninformed opinion and you still have the gall to say I am the one with my head buried. I actually work within the field you are talking about. I try cases. Your arguments about prelitigation funding are absurd. Most attorneys who try cases have always had a line of credit if needed. I also maintain reserves that enable me to hire experts, jury consultants and the like. Nothing has changed in the past 20 years. Each case is analyzed in my office to determine what is an appropriate investment considering the risk/reward.
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This is all you get. Literally took me a few seconds to find. You want more you go find it yourself.
riskandinsurance.com

Why Litigation Financing Should Be Driving the Industry Toward E&S Coverage to Buffer the Blows of Social Inflation

When third parties invest large sums in a lawsuit in exchange for a portion of the eventual settlement, it can affect the E&S market in more ways than one.
riskandinsurance.com riskandinsurance.com
 
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#380
#380
hUTch2002 said:
This is all you get. Literally took me a few seconds to find. You want more you go find it yourself.
riskandinsurance.com

Why Litigation Financing Should Be Driving the Industry Toward E&S Coverage to Buffer the Blows of Social Inflation

When third parties invest large sums in a lawsuit in exchange for a portion of the eventual settlement, it can affect the E&S market in more ways than one.
riskandinsurance.com riskandinsurance.com
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That article is nothing more than opinion. The one area I agree with is that the amount of money spent in costs has an affect on the desirability of a settlement because at the settlement stage costs are born by the plaintiff. After litigation, those costs can be taxed to the defense if the plaintiff prevails. Your article provides no analysis as to the cost of damages ie medical costs and just chooses to examine "social costs'"
 
#381
#381
LouderVol said:
I don't think you have presented any evidence either.

and considering the pretty blatant bias you would have in this particular argument there is no reason for anyone to take you at your word even if you are informed.

especially, considering you are a lawyer who gets paid to twist words around.
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I have provided personal experience to challenge the opinion evidence that has not provided any real data.
 
#383
#383
ClearwaterVol said:
That article is nothing more than opinion. The one area I agree with is that the amount of money spent in costs has an affect on the desirability of a settlement because at the settlement stage costs are born by the plaintiff. After litigation, those costs can be taxed to the defense if the plaintiff prevails. Your article provides no analysis as to the cost of damages ie medical costs and just chooses to examine "social costs'"
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Then do your own research bud. Again, I just grabbed a quick one that I saw talking about the factors driving nuclear verdicts. Tons out there, again. Nuclear verdicts are coming in higher and higher and more frequently than ever and it’s not simply due to medical cost inflation. Maybe in small claims court that’s true but not on the whole.
 
#384
#384
Honestly, there are bits of truth in both points....

The financial ability/strength to take a case all the way in lieu of settlement is a big factor

Wage, property, and medical inflation are huge factors as well

Juries looking to sock it to insurance companies that have low-balled them in the past is a huge factor
 
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#385
#385
BigOrangeMojo said:
Honestly, there are bits of truth in both points....

The financial ability/strength to take a case all the way in lieu of settlement is a big factor

Wage, property, and medical inflation are huge factors as well
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I agree that it’s all a part of it. Clearwater is the one who said it’s only medical cost inflation.
 
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#386
#386
The main reason insurance is higher is it just cost more for the 99.9% everyday claims. Life insurance is largely unchanged.

Home values have gone up 30-50% (or more) the past decade. It cost more to insure. It cost more to repair. Same thing with cars. Same with medical costs after accidents.

You have more population density in areas that see large, catastrophic events (flooding, tornado, hurricane)
 
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#387
#387
hUTch2002 said:
I agree that it’s all a part of it. Clearwater is the one who said it’s only medical cost inflation.
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I said that was the driving factor for increase in verdicts. As I’ve said, lines of credit and the financial wherewithal to take cases all the way have always been in the arsenal of reputable attorneys.

For instance, right now I have a case in which my clients was willing to settle at 400k, but the insurance company is lowballing. I just won a motion to allow the jury to hear a claim for punitive damages. Instead of taking the 400k which was on the table. Defense elected to hire a big name attorney to appeal the ruling and delay trial. All costing $$$$$. Now, I’m fine and my client is fine going all the way and teaching these folks an expensive lesson.
 
#388
#388
ClearwaterVol said:
I said that was the driving factor for increase in verdicts. As I’ve said, lines of credit and the financial wherewithal to take cases all the way have always been in the arsenal of reputable attorneys.

For instance, right now I have a case in which my clients was willing to settle at 400k, but the insurance company is lowballing. I just won a motion to allow the jury to hear a claim for punitive damages. Instead of taking the 400k which was on the table. Defense elected to hire a big name attorney to appeal the ruling and delay trial. All costing $$$$$. Now, I’m fine and my client is fine going all the way and teaching these folks an expensive lesson.
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Same thing happened to Cracker Barrell. They served line cleaner to a customer on accident. That person wanted $150K, which was basically the cost of his or her medical bills. The Barrell said see you in court and that $150K turned into $9M. Like your case is headed, it was a painful lesson. Anything going to trial is a gamble. I had a trucking client settle at $187M because they were afraid of what would happen at trial.

Edit: Correction, the client’s insurance companies settled. It was all insured.
 
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#392
#392
The school my wife works at started a campaign a while back ago for athletic department improvements. Original estimate was $5mil. The project was put on hold for various reasons at the time, now they are saying the new cost is $10mil because of rising costs
 
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#393
#393
theFallGuy said:
The school my wife works at started a campaign a while back ago for athletic department improvements. Original estimate was $5mil. The project was put on hold for various reasons at the time, now they are saying the new cost is $10mil because of rising costs
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When was the $5 million estimate given?
 
#395
#395
hUTch2002 said:
You’re right. In the last 20 years nothing has changed. There’s no such thing as nuclear verdicts. Carry on counselor.
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There have always runaway juries. Always. There have always been outliers. The numbers get bigger because juries are less shocked by big numbers because everything costs more. The average home price has gone up 25x in the last 50 years. Average cost of a hospital stay has gone up even more in the last 50 years.

I had a client who was transported to the hospital, had x-rays, a ct scan and was never admitted. Sent home with a few scripts and a referral to an ortho. Total bill - 36k. Client was at the hospital for less than 4 hours. No surgery or procedure of any kind.
 
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#397
#397
LouderVol said:
very important question.

the last year has really slowed down on price increases, have actually seen some construction pricing actually go back down, labor too. not everywhere, but it is happening.
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Do you think that pullback is confined to certain regions or is that something you think is inevitable nationwide (with obvious non conforming regional areas)?
 
#398
#398
McDad said:
Do you think that pullback is confined to certain regions or is that something you think is inevitable nationwide (with obvious non conforming regional areas)?
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yeah, I think you will see regional availability affecting prices more so now than the last few years. especially in some areas where people have stockpiled, what the preferred new logistics supply chain system of "on demand we provide" has bitten us all in the butts. we had much more stability when people had stockpiles, now just trying to overnight everything means we aren't ready for anything.
 
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#400
#400
Got a pretty good apples to apples example. My firm had a high rise project sidelined back in July 2020 due to Covid restrictions. those restrictions are finally lifted so they are wanting to move forward. The project has gone from being 36 stories, to 21 stories; it lost half of its total number of units, but costs the same as the original design. Less than 4 years later and costs have essentially doubled on this project.

not sure if the project will end up going forward. they lost a TON of ROI. the rate they are planning to charge has gone up as well, but it hasn't doubled.
 
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