Confidential
Settlement – $47,500Facts
On September 28, 1992, consigned equipment, with a value of approximately $85,000 and belonging to a third parties, was stolen from Plaintiff. Defendant insurer's policy provided coverage for the loss, subject to $2,500 limitation of liability for personal property of others. On December 2, 1992, Defendant insurer accepted coverage and paid Plaintiff $2,500.
Settlement Discussions
Defendant insurer contends that it did not make any settlement offers above the initial $2,500 policy limits that it paid; prior to the final settlement, Defendant insurer offered to consider paying a portion or all of the agent's deductible of his error and omissions policy directly to the broker, if the payment would facilitate a settlement and written verification of the deductible was provided (rejected); and Plaintiff made several demands for amounts between $50,000 and $80,000.
Damages
$83,210 value of the equipment; plus attorney fees.
Other Information
A prior arbitration by Jack Hirshon, Esq., resulted in a Plaintiff's award in the amount of $85,000; trial de novo by Defendant broker; and subsequently the Plaintiff filed an amended complaint joining the insurer. Claims for bad faith and punitive damages against the insurer were dropped upon the filing of a demurrer.
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