Fact #154017
When:
Short story:
The Hollywood Reporter reveals that Kanye West has begun a $10m legal suit against various syndicates of insurer Lloyd's of London, including Cathedral Syndicate, alleging that they are stalling on paying out claims emanating from his recent canceled tour dates. It is thought that the insurers believe Kanye’s use of marijuana may provide a basis on which to deny the claim.
Full article:
Howard King (lawyer to Kanye West) : Performing artists who pay handsomely to insurance companies within the Lloyd's of London marketplace to obtain show tour 'non-appearance or cancellation' insurance should take note of the lesson to be learned from this lawsuit: Lloyd's companies enjoy collecting bounteous premiums; they don't enjoy paying claims, no matter how legitimate. Their business model thrives on conducting unending 'investigations,' of bona fide coverage requests, stalling interminably, running up their insured's costs, and avoiding coverage decisions based on flimsy excuses. The artists think they they're buying peace of mind. The insurers know they're just selling a ticket to the courthouse.
(Source : written statement by Howard King)
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(Source : written statement by Howard King)