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Tort Liability Litigation Costs for Commercial Claims

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Author Info

  • Joni Hersch
  • W. Kip Viscusi

Abstract

This article analyzes tort liability litigation costs using the Texas Department of Insurance Commercial Liability Insurance Closed Claim database for the years 1988–2004. Insurer costs to defend claims in which a suit was filed average $35,000 per claim in 2004$, which corresponds to a share of 0.18 of total expenditures. Claims with higher stakes and complexity lead to greater reliance on outside counsel and less reliance on in-house counsel. Total transactions costs for each dollar received by claimants average $0.75 for all claims and $0.83 for claims in which the claimant retained an attorney and a suit was filed. Copyright 2007, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/aler/ahm011
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Bibliographic Info

Article provided by Oxford University Press in its journal American Law and Economics Review.

Volume (Year): 9 (2007)
Issue (Month): 2 ()
Pages: 330-369

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Handle: RePEc:oup:amlawe:v:9:y:2007:i:2:p:330-369

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Cited by:
  1. Polinsky, A. Mitchell & Shavell, Steven, 2014. "Costly litigation and optimal damages," International Review of Law and Economics, Elsevier, vol. 37(C), pages 86-89.
  2. De Mot, Jef & Depoorter, Ben, 2010. "Tort law and probabilistic litigation: How to apply multipliers to address the problem of negative value suits," International Review of Law and Economics, Elsevier, vol. 30(3), pages 236-243, September.
  3. A. Mitchell Polinsky & Steven Shavell, 2012. "Costly Litigation and Optimal Damages," Discussion Papers 12-005, Stanford Institute for Economic Policy Research.
  4. A. Mitchell Polinsky & Steven Shavell, 2012. "Costly Litigation and Optimal Damages," NBER Working Papers 18594, National Bureau of Economic Research, Inc.

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