The Insurance Journal does it again – leave out just enough information from a nationally publicized article – About a bazillion hits on Google show the entire article states:
\”Wynn said he purchased the painting depicting Picasso\’s mistress, Marie-Therese Walter, in 2001 from someone who bought it anonymously in 1997 for more than $48 million. Though he said he paid more than the anonymous buyer had paid, he declined to divulge the purchase price\”
Looks to me \”more than $48million\” may have been the $54 million and that was before the hole – If LLoyd\’s paid for the repair at $90,000 – – – where is the problem?
Rich and powerful doesn\’t mean greedy and stupid
Fed up with insurance companies getting the rap – the darn thing was only worth what someone would pay for it at the time of the transaction – not what he was supposed to sell it for
I bet if someone spent some time on google they would get the whole story – not the chop-shop excerpts that leave out the meat
Thanks for reminding us of the fuller story. Like I said, if the offer was bona fide from a real person or entity, and Wynne had insured it to the full value of $139 mil, and if Lloyds wont pay the loss in value, he may have a leg to stand on (hope he doesnt put his knee through the canvas next) but hes going to have to go to arbitration to get what he wants.
Just pray that the broker got enough lead time from Wynnes RM to advise the market of the increased value before he jabbed a hole in the face of the dreamer. If they kept it at the lower pre-sale value, that could be REAL sticky. Sounds like a potential Friday 5PM nightmare.
I find it difficult to believe that the policy would cover any kind of loss up to the limit. If the syndicate had any sense, they would have an exclusion for diminution of value caused by boneheaded insured actions while still covering cost of repair for such a peril. If that\’s the case, the $90K makes sense and Wynn\’s case won\’t get far.
Hal, why not have auto policies exclude single-vehicle accidents caused by careless drivers?
Physical damage coverage is supposed to pay unexpected, accidental loss regardless of whether it was caused by the owner or another party. It becomes incumbent upon the carrier to make sure that the offer to purchase the item (forget Wynnes purchase price) was legitimate and not the first step in an insurance scam.
Just because my Grandma offered Steve a cool $140mil doesnt mean she can afford it, or that Steve could use her offer as a basis for a higher value / limit.
Of course we insure STUPID! It\’s the reason most folks buy insurance. If we didn\’t insure stupid, who would repair your home when your teenager drives the family car through the garage wall into your livingroom?
I\’m sorry your painting was damaged by your own clumsy move. We all do dumb stuff sometimes. I ran over my husband\’s tool box with my very sweet \’69 442 last summer and scratched the bumper. I didn\’t turn in a claim because the repairs cost less than my deductible.
Tell you what, let\’s get together and we will both go cry in one of your mansions. We can sit on your fine leather furniture, drink away our woes with your rare vintage wines and wipe our tears with your Hermes hankies.
His comment about \”not going the way he would like\” tells more about his following comments trashing the industry, going to court, etc. than anything else. Granted, details are lacking in the article, but most of us can put 2 & 2 together. He got what he paid for, but it isn\’t enough….So the next step is….
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The Insurance Journal does it again – leave out just enough information from a nationally publicized article – About a bazillion hits on Google show the entire article states:
\”Wynn said he purchased the painting depicting Picasso\’s mistress, Marie-Therese Walter, in 2001 from someone who bought it anonymously in 1997 for more than $48 million. Though he said he paid more than the anonymous buyer had paid, he declined to divulge the purchase price\”
Looks to me \”more than $48million\” may have been the $54 million and that was before the hole – If LLoyd\’s paid for the repair at $90,000 – – – where is the problem?
Rich and powerful doesn\’t mean greedy and stupid
Fed up with insurance companies getting the rap – the darn thing was only worth what someone would pay for it at the time of the transaction – not what he was supposed to sell it for
I bet if someone spent some time on google they would get the whole story – not the chop-shop excerpts that leave out the meat
Thanks for reminding us of the fuller story. Like I said, if the offer was bona fide from a real person or entity, and Wynne had insured it to the full value of $139 mil, and if Lloyds wont pay the loss in value, he may have a leg to stand on (hope he doesnt put his knee through the canvas next) but hes going to have to go to arbitration to get what he wants.
Just pray that the broker got enough lead time from Wynnes RM to advise the market of the increased value before he jabbed a hole in the face of the dreamer. If they kept it at the lower pre-sale value, that could be REAL sticky. Sounds like a potential Friday 5PM nightmare.
It would be bad public policy to pay for lost value in cases where the insured does the damage himself. Accidentally or otherwise.
I find it difficult to believe that the policy would cover any kind of loss up to the limit. If the syndicate had any sense, they would have an exclusion for diminution of value caused by boneheaded insured actions while still covering cost of repair for such a peril. If that\’s the case, the $90K makes sense and Wynn\’s case won\’t get far.
Hal, why not have auto policies exclude single-vehicle accidents caused by careless drivers?
Physical damage coverage is supposed to pay unexpected, accidental loss regardless of whether it was caused by the owner or another party. It becomes incumbent upon the carrier to make sure that the offer to purchase the item (forget Wynnes purchase price) was legitimate and not the first step in an insurance scam.
Just because my Grandma offered Steve a cool $140mil doesnt mean she can afford it, or that Steve could use her offer as a basis for a higher value / limit.
Of course we insure STUPID! It\’s the reason most folks buy insurance. If we didn\’t insure stupid, who would repair your home when your teenager drives the family car through the garage wall into your livingroom?
I\’m sorry your painting was damaged by your own clumsy move. We all do dumb stuff sometimes. I ran over my husband\’s tool box with my very sweet \’69 442 last summer and scratched the bumper. I didn\’t turn in a claim because the repairs cost less than my deductible.
Tell you what, let\’s get together and we will both go cry in one of your mansions. We can sit on your fine leather furniture, drink away our woes with your rare vintage wines and wipe our tears with your Hermes hankies.
His comment about \”not going the way he would like\” tells more about his following comments trashing the industry, going to court, etc. than anything else. Granted, details are lacking in the article, but most of us can put 2 & 2 together. He got what he paid for, but it isn\’t enough….So the next step is….
If Steve wants to bash the the Lloyd\’s syndicate, let\’s hear some facts from him.
What did he pay for it?
How much was it insured for?
How much was he offered in settlement?
What were the contract terms?
Otherwise, it\’s just whining.
Hey…the painting is worth more now…it
has (how do they say it on Antiques\’ Roadshow?) provenance…
now, it is THE painting damaged by The
Steve Wynne…