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There are signs of tort inflation in 2010 and 40 percent of companies anticipate it, said the Insurance Information Institute (I.I.I.) in a recently released report.
The report, "Tort Inflation 2010: Stability Today, But For How Long?" examines some factors that could lead to an increase in legal disputes--a trend tracked by the institute because it could correlate to higher insurance costs.
The oil spill in the Gulf of Mexico "could tap a host of liability coverages" in the near future, and one law journal cited in the I.I.I. report noted that lawyers see it as having the possibility to become "one of the biggest class actions in U.S. history."
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