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Thread: Told Ya

  1. #81
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    [QUOTE=rgamma5]
    Quote Originally Posted by GeorgeWendtCFI
    It's more like trying to buy fire insurance after you have had a fire.

    MGM grand Hotel did this after their fire in 1980. No insurance at the time of the fire, but they had cash. Offered the huge sum of cash up for an insurance company to oversee the payout. Got one troubled company to take the cash, they tought that they could solve immediate problems with the cash, and when they were on better footing handle the payoff. Didnt work, The company went under.

    ]
    Can you provide a source for this claim?


  2. #82
    MembersZone Subscriber EFD840's Avatar
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    Quote Originally Posted by GeorgeWendtCFI

    Can you provide a source for this claim?
    George, I was ready to throw the BS flag on this guy but his post apparently has some elements of truth to it. According to a news story I found, the MGM was underinsured and actually did purchase "retroactive insurance" but then the insurance wouldn't pay up.

    Here's a link to a news story about the fire that also discusses the insurance issue.

  3. #83
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    Wow! That was interesting. I did not know that part of the story.

    This is the line from the story that is pertinent to this discussion.

    "In the end, retroactive insurance was just bad policy because it makes the insurer insensitive to settling quickly, while public policy is to settle quickly," Shernoff said. "This trial ended retroactive insurance."

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