Every now and then IE ikes to trawl the web for some insurance related news nuggets. Some are golden, other less so. But here we are;
CARLYLE LEGAL ACTION OVER RUSSIA SEIZED JETS
The FT reports that Carlyle Aviation is starting legal proceedings after three insurers refused to pay out when Russian airlines took control of their jets. War tends to prompt dramatic actions and Carlyle thought they woul stick a claim in for the aircraft. However, Chubb, AIG and Axis are allegedly not so keen on p[aying out.
The FT reports that about 500 aircraft leased to Russian companies are in this odd limbo, following the Ukraine conflict, so the situation for those who insured the assets looks a bit tricky.
MONDELEZ AND ZURICH REACH A TRUCE
The long running legal case between Mondelez food giant and Zurich America has repaortedly reached a conclusion, says cyber website The Record. The case originated after the NotPetya cyber attack, with Mondelez claiming a payout on its cyber insurance. This was rejected, due to the attack supposedly emanating from the Russian government, or agencies acting on its behalf. See war clause.
The truce seems to acknowledge the one fact of life very well; spelling out the T&Cs at the time of purcahse is essential. In the end, insurance is a contract covering PSECIFIC losses in particular circumstances. Perhaps the word `comprehensive’ needs to be retired too, as it misleads many consumers into thinking ALL risks are covered. When of course, they are not.
DOCTOR FACING FRAUD CHARGES VANISHES IN `BOATING ACCIDENT’
A strange tale reported by the Daily Mail, as an NYC doctor, accused of taking part in an organised fraud and money laundering, suddenly vanishes on a fishing trip. Because, when you are due in court you always relax with a spot of fishing in a small boat, 25 miles into the Atlantic ocean, in the dark, in October. The fraud charges detail patients being subjected to painful procedures to complicate injuries so that insurance companies could be billed for extra treatments. Paramedics and other medical staff were bribed or coerced into the scheme. In total some $100m worth of bills were alleged to be fraudulent.
According to the media reports, some diesel and wreckage was seen in the water and a passenger was recovered from the scene after a large commercial vessel hit the tiny 30 foot fishing boat.
Apparently Dr Marvin Moy has perished at sea before standing trial and if so, our condolences to his friends and family. But this does sound like the canoe guy story in some respects. We hate to be that investigative journo in the room asking questions, but maybe someone should, especially if a high value Life policy payout is due?
Here’s the statement from the US Coast Guard;
“The incident was reported just after midnight on the morning of Oct. 13 of an alleged collision involving Mr. Moy and one other person with a large vessel.”
A huge search of the area was undertaken and apart from a radio beacon, nothing was found. One of Dr Moy’s friend’s reportedly told the New York Post; “We do not know what happened. I would obviously like for my friend to be found. There’s still a chance he’s shipwrecked on some small rock.”
CRYPTO AND NFT OWNERSHIP
There are a couple of interesting cyber case reports on the IFO website. One relates to a woman who claims she could not access her NFT artwork and a UK court issued an order that the address details of the person(s) who controlled the digital wallet, or had crypto keys, was revealed.
It’s an interesting point for crypto insurers to consider when writing policy wordings we feel. Knowing who claims ownership, or more accurately custodianship of an asset, is crucial in understanding risk.
More here.
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