Abstract
This chapter examines key elements of the liability system in the USA: the basic theory on the role of liability rules in providing incentives for loss control; the effects of limited liability on the demand for liability insurance and on the ability of tort liability to provide optimal incentives; the problem of correlated risk in liability insurance markets; issues in liability insurance contract design; and the efficiency of the US tort liability and liability insurance system. The troublesome areas of medical malpractice, directors’ and officers’ liability and general liability insurance crises are highlighted.
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