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1980's Insurance Crisis
The liability insurance crisis from late 1984 through 1986 was characterized by major economic disruptions in the commercial liability insurance market that created public policy concerns about the availability and affordability of certain coverages. Many professional and commercial liability insurance consumers were adversely affected by the crisis, including chemical and pharmaceutical companies, day-care centers, medical doctors, and municipalities. The crisis in the commercial liability insurance market was characterized by a sudden increase in liability premiums in late 1984 after about six years of relatively stable prices; the policy limits and scope of coverage were reduced in commercial liability lines with long-tails; some insurers were unwilling to provide any coverage for some risks, especially those involving pollution liability exposures.