Is there an exclusion for the crowd getting gunned down by a mad man or is it covered? If covered, I don’t think the limits will be adequate. MGM and Mandolay have the largest exposure in this tragedy.
I would doubt there is such an exclusion. I also doubt there are sufficient limits between both MGM and Mandalay to fully compensate the victims for this tragedy.
It’s not the GL limits exposure that is going to kill this carrier, but the defense costs (outside limits) associated with defending the insured against 500+ claims over the next 5-10 years.
These types of losses, most defendants pay entire policy limits AFTER the defense lawyers milk it to death. The policy limits for the festival, probably under $25 million. MGM which owns the Mandalay Bay probably has $500 million or more limits. After there lawyers milk it to death, the money will be thrown into a pot along with other defendants money. The claimants will be consolidated and a Special Master will be appointed by the court to settle all the claims. Look for Kennith Fineberg to get the call as Special Master. This is how it works!
Is there an exclusion for the crowd getting gunned down by a mad man or is it covered? If covered, I don’t think the limits will be adequate. MGM and Mandolay have the largest exposure in this tragedy.
I would doubt there is such an exclusion. I also doubt there are sufficient limits between both MGM and Mandalay to fully compensate the victims for this tragedy.
I agree. Compensation is inadequate. After all, how much would you want for losing your loved one in a senseless tragedy?
It’s not the GL limits exposure that is going to kill this carrier, but the defense costs (outside limits) associated with defending the insured against 500+ claims over the next 5-10 years.
These types of losses, most defendants pay entire policy limits AFTER the defense lawyers milk it to death. The policy limits for the festival, probably under $25 million. MGM which owns the Mandalay Bay probably has $500 million or more limits. After there lawyers milk it to death, the money will be thrown into a pot along with other defendants money. The claimants will be consolidated and a Special Master will be appointed by the court to settle all the claims. Look for Kennith Fineberg to get the call as Special Master. This is how it works!