“Settle or Try?” That is the Question Richard A. Spiers CPCU, ARM, ARe April 17, 2015

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Transcript “Settle or Try?” That is the Question Richard A. Spiers CPCU, ARM, ARe April 17, 2015

“Settle or Try?” That is the Question Richard A. Spiers CPCU, ARM, ARe April 17, 2015

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Agenda

Introduction

Why

Why Not

What If I Do

What If I Don’t

Making the Decision

Possible Ramifications

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Wait, We Did Nothing Wrong

Auto Losses

General Liability

Employment Matters

Zoning and Land Use

Sex Mol

Police Matters

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FAQs I Receive

Why Should We Have to Pay???

A Public Apology, For What?

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Why Try?

Sometimes a Trial is the Only Alternative

Large Demands

Unclear and Unproven Facts That Sound Bad

Damages

Larger than Expected or

Seemingly Unrelated to the Occurrence

Uncooperative Showboating Attorneys

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Why Not Try?

Economic Reasons

Negative Publicity Potential

Surrounding Issues

Important Issues to Consider

Your Reputation

Plaintiff Attorney’s Reputation

The Venue – State and Federal

Immunities and Tort Caps

Cost of Defense Through Trial – Get a Budget

Verdict Potential – Check for Prior Similar Trial Outcomes

Emotional Aspects

Local and National News

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Your Reputation

Publicity Surrounding Initial Occurrence

Previous Similar Situations

Politics

Overall Economics

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Plaintiff Attorney’s Reputation

Well-Known Plaintiff Attorney Can Raise Value of the Case

TV Commercials – Public Knows Them

Highly Publicized Large Verdicts

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State or Federal Venue

Jurisdictional Hell Holes

State Laws

Federal Aspects

Attorney Fees

Jury pool

Will Immunities and Tort Caps Apply?

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On Paper

They Should

In Reality

They May Not

Waivers

Think About How Others Will See Your Behavior

Verdict Potential

Anything Can Happen

Venue

Potential Length of Trial

Jury of Your Peers?

Is Plaintiff Counsel Better Looking?

How Much Will They Ask the Jury For?

Look Beyond the Lawsuit Papers

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Local and National News

TV, Newspaper and Social Media Explosions

Police Matters

Government Employment Law Changes

Abuse

Unrelated Issues

Higher Taxes

Pension Problems

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Cost of Defense Resolution

Expenses to Consider

Attorney fees

Expert Fees

Employee Wages + Lost Work Time

More than Just Dollars at Risk

Newspaper Reports

TV

Social Media

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Lessons Learned From a Mock Jury

A Non Related Person’s Case Analysis

They Can Provide Unexpected Insight

“Federal Subsidiaries No Taxpayer Exposure in Cases Like This.”

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Who Makes the Ultimate Decision?

Attorneys

Adjusters

Risk Managers

City Council

School Boards

Your Analysis of the Situation Matters

Possible Ramifications of a Trial

Media Attention

Would You Rather Explain a $100,000 Settlement or a Million Dollar Verdict?

Blame Your Carrier

Will a Large Verdict Set a Negative Precedent

Do You Have Sufficient Limits?

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Strategies to Consider

Putting Real Money on the Table They Can Get Their Money In a Few Weeks, Rather Than a Few Years

Pending Motions Can Open the Door to Settlement

We Do Not Always Have to Wait for the Decision

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Offers of Judgment Before the Settlement Meeting

Mediator Choice

Learn What You Can About the Plaintiff and Family

Develop a Starting Position and Where You Should Stop

Obtain a Demand Alternative Dispute Resolutions

Structures

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Contact Information:

Richard A. Spiers, CPCU, ARM, ARe Genesis Management and Insurance Services 1 N. Wacker Drive Suite 1750 Chicago, Illinois (312) 526-7566 [email protected]