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Article: Product Liability Reform: New Strategies Needed.
- Article from:
- Risk & Insurance
- Article date:
- October 15, 2000
- Author:
CopyrightCOPYRIGHT 2000 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Despite the failures of past reform efforts, significant product liability reform is still possible. Future reform efforts, however, have to be industry-specific and state-oriented.
Despite the strength of the U.S. economy, on the horizon looms a threat to the economic stability of many manufacturers. Product liability expenses continue to grow, and this drain on manufacturers' funds adversely affects our economy and places many industries at a competitive disadvantage. In the United States, liability costs are 15 times greater than those in Japan and 20 times more than those in Europe.
Until limited reform legislation was passed, rampant product ...