Tags: no-fault
The dream of the Insurance Industry
I can understand why insurance companies dream of a world I am about to describe. It would save them an incredible amount of money. But, I’m not so sure that injured people would be as pleased. Essentially, their hope would be a world where lawyers were essentially unnecessary, there were no liability claims, and everyone took care of their damages through their own insurance policies. This fantasy can’t work however, just like all utopian dreams, there are holes in the plan. Working backwards through their dreams, the holes become obvious.
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