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Punitive Damages Insurance

We can conduct an annual coverage analysis, update you on changing laws and provide you with trends in the current coverage market.

Regardless of your company’s size, facing a judgment with large punitive damages can be detrimental to your organization.

Purpose of Punitive Damages

Punitive damages are awarded for the following reasons:

  • To right a wrong that has been committed against a victim
  • To punish the offender
  • To deter others who would consider engaging in similar conduct as the offender in the future

Should You Insure or Not?

Insuring punitive damages has been a source of debate for some time. Though most states do allow such coverage, a number of states do not because it detracts from the purpose of awarding damages in the first place—to right a wrong.
All in all, each state establishes its own guidelines regarding insuring punitive damages and the types of acts that are insurable. In addition, each state has made distinctions between “directly” assessed damages—wrongful actions made by the insured—and “vicariously” assessed damages—wrongful actions of others where the insured is legally liable.

State courts are continuing to award large punitive damages that could send most companies into turmoil, both financially and otherwise. This exposure should be addressed head-on to protect your organization and its assets.

Contact the Horton Group today to learn more about your options. By taking proactive steps, you can safeguard your company’s financial future.

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