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Deems Davis
Joined: 09 Jan 2006
Posts: 925
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 Posted: Tue Mar 06, 2007 2:18 pm Post subject: OT: So let's just sue everybody- called Deep Pockets |
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If I recall correctly from my insurance days. There's a legal precedent
called either 'Consequential Damages' or 'Contingent Liability' (I may
have the names wrong). which allows for a defendant which is found to
be only 10% responsible to be required to pay 90% of the damages. It was
euphemistically referred to as " Deep Pockets" within the insurance
company. Lawyers would typically cast the widest net they could hoping
that they would find at least one defendant with an insurance policy
with limits high enough to satisfy their greed, errr clients damages.
Deems Davis # 406
Finishing - ( A Misnomer ! )
http://deemsrv10.com/
Back in fiberglass hell !
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Rick S.
Joined: 12 Feb 2006
Posts: 347
Location: Las Vegas
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| Posted: Tue Mar 06, 2007 3:30 pm Post subject: OT: So let's just sue everybody- called Deep Pockets |
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Also to make the defendents prove the were not a party to the loss and deterimine if they are subject to contributory negligence,ie prop came off, because bolts were too tight and crankshaft was also faulty. The really bad thing about bringing in all the parties into the suit (even if they are not directly a contributor to the cause of loss) is they get to "buy" themselves out of the suit. Construction defect litigation is notorious for this, I have seen the porta potty vendors and street washer truck operators named in suits!! Like they contributed to the defects of a condo!!
Basically the two parties agree to release a party for a set amount like $10,000, then because they know it will take $30,000 to provide a minimum defense they figure they got a deal opting to release for $10K....such a deal huh? In reality I would guess that in order to sell Cirrus a prop, Hartzell and other vendors have signed a contract to hold harmlesss and indemnify Cirrus in the event of a law suit, the first order of business for the lawyers is to read the contracts Cirus has with all vendors for the aircraft and they will name EVERYONE on that contract, it pools together all those million dollar plus policies into a total coverage amount of many many millions of dollars....THAT is deep pockets...when you know the defendent has much more coverage than the suit could ever command in a jury descision...hence it usually settles before it makes it to trial. As long as the suit does not appear frivilous, the lawyers know that in order to save the cost of going to trial the defense will normally settle....Who can blame them? look at the descisions juries have handed down on the companies that stand by their right to trial?
Watch that hot cup of coffee... Or make sure that seatbelt is not wrapped to your control stick when you take off, cause 4 minutes for the fire department to put out your flaming airplane and pull your stalled butt out is way too long of a response time!!
do not archive and this message is just an opinion, any resemblence to actual events is purely coincidence.
Rick S.
40185
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Rick S.
RV-10
40185 |
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