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| re: Insurers Snub Broadway Shows To Create Uneven Playing Field | |
| Posted by: NewtonUK 09:11 am EDT 04/01/21 | |
| In reply to: re: Insurers Snub Broadway Shows To Create Uneven Playing Field - ryhog 12:28 am EDT 04/01/21 | |
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| I think a lot of polices, like mine for two shows (not with Chubb) did not restrict for pandemics, and allowed for closures by local governments. Its all in the fine print. We got multiple payouts from our lovely insurers. | |
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| re: Insurers Snub Broadway Shows To Create Uneven Playing Field | |
| Posted by: ryhog 11:02 am EDT 04/01/21 | |
| In reply to: re: Insurers Snub Broadway Shows To Create Uneven Playing Field - NewtonUK 09:11 am EDT 04/01/21 | |
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| Yes, "[i]t[']s all in the fine print." The subject matter of insurance is unforeseen circumstances so by definition there is nothing to base a claim on other than either the factual basis of a claim (not relevant in this case: no one disputes that there were performances lost) or the language of the contract (aka policy). People sue each other when they disagree about the meaning of the agreed-to language. | |
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| re: Insurers Snub Broadway Shows To Create Uneven Playing Field | |
| Posted by: ShowGoer 01:02 pm EDT 04/01/21 | |
| In reply to: re: Insurers Snub Broadway Shows To Create Uneven Playing Field - ryhog 11:02 am EDT 04/01/21 | |
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| Mish-mash of an article or not, and yes I guess it may be all there in the fine print, but that’s pretty despicable if the only reason Chubb gets off without paying anything on their policy for a show that cancelled more than a year of performances on Broadway, in New York, in the United States, is because they’re relying on that one technicality: namely, that even though the American government at the time was so incompetent that they never ordered any kind of sensible organized national quarantine shutdown, even for a few weeks, the Italian government did... and as a result one show in NYC is screwed. Insurance companies are running a business, of course, but more often than not it’s a heinous one. |
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| re: Insurers Snub Broadway Shows To Create Uneven Playing Field | |
| Posted by: ryhog 02:09 pm EDT 04/01/21 | |
| In reply to: re: Insurers Snub Broadway Shows To Create Uneven Playing Field - ShowGoer 01:02 pm EDT 04/01/21 | |
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| This is how insurance policies work. If the shoe were on the other foot, you would want the policy to pay you per its terms, wouldn't you? We will see how this policy is construed (I happen to think Chubb is reading it wrong) but I don't think it is a good idea to advocate ignoring the language. And by the way, it is not in the "fine print." It's front and center. Also note that, in this market, policies are negotiated, and priced based on what is insured and not. You can secure coverage for anything you want, as others did. If you did not highlight this provision (because you didn't dream this pandemic possible), sue your lawyer, sue your agent, sue your GM. Someone obviously did not do their homework. (And yes, some investors will also likely sue the producer.) It's a mess but... | |
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