Bernard Madoff Insurance? Can Victims Get Claims Settled?
Can Anybody Collect From Madoff’s Professional Liability Insurance?
I assume that Bernard Madoff must have had some sort of profesional liability insurance, like E&O (Errors and Ommissions) or D&O (Directors and Officers). Some of his financial victims may be able to claim a share of the proceeds in a suit, though I cannot imagine that the limits of his liability policy was anything close to the final total of the money people lost.
The Sad Story of Mr. Madoff
This is such a sad story. For instance, did you know that Mr. Madoff left college to start his first investment firm with $5,000 he had earned as a life guard? He should have been a proud American success story. Now he will probably be a story about greed and ambition gone awry. And it is one thing to consider his actions, but a whole other thing to wonder why nobody stopped him until he gave himself up!
It certainly isn’t making the insurance business any easier. Professional liability companies were already sweating under the weight of the housing problems, and now they have Madoff – a one man financial scandal.
Have Your Professional Liability Insurance Premiums Gone Up For Your Business?
Even ethical and well meaning professionals may have to pay a lot more for professional liability insurance too. As claims mount, premiums are sure to follow as insurers struggle to stay afloat.
Look at the types of business insurance article for a place to compare business insurance quotes if your premiums have shot up!
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