Navigating the Impact of Thermonuclear Verdicts on the Crane Industry

This episode peels back the curtain on the multi-million dollar jury awards driving insurance premiums through the roof and the concept of social inflation that's inflating costs across the board. We're unpacking the layered complexities of non-capped punitive damages, the evolving perception of big money, and the formidable hurdles introduced by third-party litigation funding that are flipping the script for companies in heavy hauling.Venturing further into the heart of the industry's battleground, we unravel Texas's legislative shake-up with House Bill 19, a beacon of hope for trucking companies plagued by liability claims. We explore how this pivotal reform is aiming to shield businesses from exorbitant insurance costs and the claws of unfounded lawsuits.About the ShowCrane talk is a podcast hosted by Ron Thompson and Gene Greiner, 2 highly successful insurance producers in the Dallas-Fort Worth region. About Ron:Ron has been specializing in the heavy iron insurance world as a broker since 1992. In the complex world of heavy iron risk exposure, Ron’s expertise is in contractual risk transfer, contract review, fleet safety management where “rubber meets the road” and keeping clients updated on legislative issues that effect the crane & rigging industry and maximizing profit for his clientele.Connect with Ron: https://www.linkedin.com/in/ron-thompson-ba0a805a/About Gene:Gene Greiner is Vice President of commercial insurance for CoVerica with 15 years of focus on heavy construction risk. Based in Dallas, TX, he is deeply embedded in serving this industry’s risk transfer needs and, enjoys active advocacy though the Specialized Carriers & Rigging Association and the Texas Crane Owners Association.  Connect with Gene: https://www.linkedin.com/in/gene-greiner-b08a0617/New episodes drop each month. Please drop us a line if you have a question or suggestion; you can reach us at [email protected]. Finally, if you like the podcast, we encourage you to subscribe and leave us a review.