My wife once worked at the Atlanta branch of a New York insurance brokerage
that specialized in high-risk coverage, reinsurance and umbrella policies.
They represented some of the world's most well-known insurance companies, whose
names I will not mention but which everyone would recognize. Following the
fire at the MGM Grand hotel in Las Vegas in November of 1980, in which
80-something people died and several hundred were injured, a consortium of
these insurers sold MGM coverage for the disaster at $1 per $2 of coverage.
This was when interest rates were in the teens, and they figured, quite
correctly, that their lawyers could easily delay payment of court judgments
through foot-dragging and appeals until the companies at least doubled, and
possibly tripled, the amount of the premiums paid. And they did.
Walt
--
"Anything more than 500 yards from
the car just isn't photogenic." --
Edward Weston
-------------- Original message ----------------------
From: Chris Barker <ftog@xxxxxxxxxxxxxxxx>
>
> That is one of the ways in which they reduce their costs: delay
> payment ... :-(
>
> Es*re eh? I used them for car insurance for a year until I
> discovered that the direct insurance business was less of a saver
> than I had at first imagined!
>
> Chris
> ~~ >-)-
> C M I Barker
> Cambridgeshire, Great Britain.
> +44 (0)7092 251126
> www.threeshoes.co.uk
> homepage.mac.com/zuiko
>
>
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