Most expensive road insurance claim ever!!!
29 March 2001, 08:29 PM
#1
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Remember that guy who's car hit those 2 trains few weeks ago.
Insurance broker gave me the details of the claim - £300,000,000 !!!
Imagine looking for insurance, Do you have any claims or convictions sir?? - Yes small claim for £300,000,000!!! last year, could you give me a quote for 3rd party only on my reliant???
Insurance guy said that the box where you put previous claim cost is only 7 figures!!!
PS - these are true figures and i am making a joke but if anyone is offended i apologise in advance, after all it was a terrible accident!
Insurance broker gave me the details of the claim - £300,000,000 !!!
Imagine looking for insurance, Do you have any claims or convictions sir?? - Yes small claim for £300,000,000!!! last year, could you give me a quote for 3rd party only on my reliant???
Insurance guy said that the box where you put previous claim cost is only 7 figures!!!
PS - these are true figures and i am making a joke but if anyone is offended i apologise in advance, after all it was a terrible accident!
29 March 2001, 08:40 PM
#2
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Liability isn't proved yet....
Fortis (the Land Rover driver's insurer), Independent (GNER's insurer) and St Paul (Railtrack's insurer) and their respective lawyers will be arguing about it for a while yet.
Fortis (and the other insurers) will have reinsurance in excess of any one catastrophe loss of around £5 or £10 million, so it will be spread round the reinsurance market anyway - which is exactly the concept of insurance and reinsurance - the losses of the few are paid from the pool of premiums of the many.
Pretty tame stuff really - American pollution and asbestosis - now THAT'S where it gets really messy - we have active pollution claim files going back to 1964 still not resolved....
Your average high street broker wouldn't know what catastrophe reinsurance was if it fell on him anyway (oops wrong choice of phrase methinks).....
Fortis (the Land Rover driver's insurer), Independent (GNER's insurer) and St Paul (Railtrack's insurer) and their respective lawyers will be arguing about it for a while yet.
Fortis (and the other insurers) will have reinsurance in excess of any one catastrophe loss of around £5 or £10 million, so it will be spread round the reinsurance market anyway - which is exactly the concept of insurance and reinsurance - the losses of the few are paid from the pool of premiums of the many.
Pretty tame stuff really - American pollution and asbestosis - now THAT'S where it gets really messy - we have active pollution claim files going back to 1964 still not resolved....
Your average high street broker wouldn't know what catastrophe reinsurance was if it fell on him anyway (oops wrong choice of phrase methinks).....
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