The Business Of Collecting Premiums and Not Paying Out
August 18, 2010
But the accused was later cleared of any wrongdoing so why is there an issue? This is like adding insult to injury.
A company that insured Will County is fighting in court over whether it should pay the remaining amount of damages awarded to Melissa and Kevin Fox after Kevin Fox was charged with his 3-year-old daughter’s murder and jailed for eight months before being freed by DNA evidence.
A company that provided liability insurance for Will County is fighting in court against paying the remaining damages awarded to Melissa and Kevin Fox after Kevin Fox was charged with his 3-year-old daughter’s murder and jailed for eight months before being freed by DNA evidence.
In April, an appeals court agreed with a federal jury’s 2007 finding that Will County police framed Kevin Fox for the 2004 murder of his daughter, Riley. The court awarded $8 million to the Foxes, which includes compensatory and punitive damages.
via Insurance company fights paying damages awarded in Riley Fox case. – chicagotribune.com.
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Is there anything else to expect from multi-billion dollar companies who make money by not paying out on claims?
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That’s how they make their money and it is also how they get to have billions in cash reserve.