OLDWICK, N.J.--(BUSINESS WIRE)--This A.M.BestTV episode from the American Museum of Tort Law (AMTL), developed by consumer activist Ralph Nader, highlights how plaintiffs' attorneys and insurers work from different starting points to create new safety standards and coverages. Click on http://www.ambest.com/v.asp?v=tort816 to view the entire program.
The American Museum of Tort Law showcases the law of wrongful injury in the American civil justice system. Many high-stakes cases have involved tort law, which has often left insurers liable for the costs. This has led to an expanded role for casualty insurers, as coverage providers and advocates for safety.
“AMTL is dedicated to the right of freedom to contract and the right of freedom to sue in court, to hold the perpetrators of wrongful injuries accountable for their actions,” said Nader.
With three purposes of tort law being compensation for the victim, disclosure of wrongdoing and deterrence of wrongdoing, tort law and insurance have become intertwined over the years.
“Everybody in the insurance industry is talking about asbestos & environmental issues, product liabilities, medical devices, terrorism and cyber risk. Throughout these discussions corporate risk managers look for ways to mitigate the loss to the insurance industry, which has found different ways and coverages to avoid any financial implications to those organizations in the future,” said A.M. Best Group Vice President Anthony Diodato.
Nader added that he believes all insurance companies should recognize that tort law is “quality control.”
Other people that appear in this episode:
- Richard L Newman, curator, American Museum of Tort Law.
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