New Punitive Damages now in Effect

The new year brings new changes regarding punitive damages. Effective January 1, 2012, there are significant changes to the law concerning punitive damage awards in South Carolina.

Post by Logan Wells

The changes are a result of the South Carolina Fairness in Civil Justice Act of 2011, which was signed into law on June 14, 2011.

Generally, under the Act, no award of punitive damages may exceed the greater of three times the compensatory damage awarded to each plaintiff or the sum of $500,000.00. However, the cap may be increased to the greater of four times the amount of compensatory damages awarded to each claimant or $2 million. To learn more about the provisions and exceptions under the Act, read our original blog post.  You can find it here.

Should you have any questions, you can call any member of the Collins & Lacy Insurance Team.

- Logan