Spike in nuclear verdicts driving costs, risk in trucking
Summary
Jury awards exceeding $10 million, known as nuclear verdicts, are on the rise in the trucking industry – and those decisions are making it tougher for transportation companies to stay in business. CCJ Summit assembles fleet executives, thought leaders, industry analysts and leading suppliers to explore ways equipment, technology and corporate culture can shift the driver paradigm and overcome your No. In August 2021, a jury ordered a $1 billion verdict against two trucking companies for a crash resulting in the death of a University of North Florida student that occurred near Jacksonville in 2017. In 2019, a trucking company in Texas was fined $12,500 for a semi-truck accident that caused 1,000 gallons of ammonium lauryl sulfate to spill into a creek, leading to a major fish kill. Brokers and carriers can work together to help the operator secure competitive proposals, including education on how to meet underwriter requirements and industry-wide best practices, such as the implementation of loss mitigation technologies.