Why are punitive damages so important? Also, why do you think that most insurance companies refuse...

Why are punitive damages so important? Also, why do you think that most insurance companies refuse to pay for punitive damages?

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Expert Solution

Punitive damages are more than normal punishments awarded and are given in case of serious frauds or crimes. Such damages are important to control the crime rate and ensure such crimes are not repeated. So in order to make people know the seriousness of a crime and ensure it is controlled , these damages are very important. In many countries people who are given these damages are the ones who did serious crime or a fraud. This goes against the policies of insurance companies which state that they will not provide insurance for frauds or crimes or people having any criminal record. Hence most of the insurance companies refuse to pay for punitive damages .

keosha answered 1 year ago

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