The job of an insurance company is to avoid paying out whenever possible. I can’t help but remember, though, that when I pointed out to an insurance carrier that a local township lied on their application, they weren’t interested. I guess that’s what makes politics so interesting:
The insurance company for the contractor being sued by people injured in the Market Street building collapse contends that the contractor’s insurance policy is invalid because he lied on key application documents.
Berkley Assurance Co. of Iowa filed a suit Monday afternoon in Philadelphia Common Pleas Court arguing that Griffin Campbell misrepresented his history and the details of the demolition. Six people were killed when a wall of the building being demolished collapsed onto the Salvation Army thrift store next door June 5. The suit also says that because Campbell did not pay a policy premium in April, the insurance policy was canceled and not in effect on the day of the collapse. Also named as defendants are Richard Basciano, who owned the building that fell onto the shop, and the 11 injured victims who have sued Basciano, Campbell, and their firms.
The grounds for including the victims among the defendants were not included in the complaint. Berkley is asking the court to confirm that the policy is either canceled or void and that the company is not obliged to provide any payouts demanded in response to the collapse.
Are we sure that the Mob isn’t still running Philly? Where are the people of Philly dumping their garbage by the way?
Silly goose! If the insurance company fixed the mistakes on the applications & key documents then they wouldn’t be able to cancel the policy in the nick of time.
Oh, I’m quite sure that the insurance company could care less about contents of the policy as long as the policy holder is only paying. When it comes time to make a claim, funny how they become ‘deal killers.’ Victims are included in the suit to make it unequivocally clear that they aren’t going to pay out a dime for anything ever. I wonder how Berkley Assurance Co. of Iowa would taste with some fava beans and a bottle of Chianti?
In states that still regulate insurers this claim can’t work against third parties after they are injured.
They will often not cancel the policy in the hopes that they policy holder will get current on their premiums. And I’m sure they were quite happy with you for pointing out the lies on that policy. I’m sure they filed that info away for a rainy day when someone filed a nasty claim and they needed a get-out-of-paying-up free card.
This was related to a major claim at that time. They paid out because they made so much money from the politically-connected broker.