Either way, I think Met fans in the know have little doubt as to Wilpon’s true character.

Since I am not aware of too many carriers in the business of being swindled, I’d say nobody. Also, if it can be proven you have criminal involvement, I am sure there is are exclusions in the policy which lets the carrier off the hook. As the previous poster mentioned, to provide coverage for something like this, the underwriters will cover every angle in an effort to prevent getting burned by criminal wrongdoing.

You would probably be looking at a very long and expensive litigation with the carrier and a settlement probably much less than policy limits. As usual, the winners in the end will be the lawyers.

I think the mere fact that they looked into this and are now trying to downplay it is going to play poorly, especially if the Agent/broker explained the process and they declined to pursue it. I know they could only have gotten a ballpark premium though without exchanging some sort of financials because after all, Who’s to say that you even have what you claim to have?

Theoretically you and I could insure our one million dollar brokerage accounts for a grand. Take a one hundred thousand dollar deductible and walk away with 900.

If we did that a few times maybe we could pick up a stake.

Seriously though if the salesman explained the underwriting procedure, that could be very bad for them.

You think an SR underwriter would just say “Oh it’s Maddof. Must be OK” like the Government regulators in the SEC did? Put their company on the hook for 550 M for a 1.5 M premium? I don’t think so. That’s not the way it works.

The Underwriter’s going to want to know something about the fund. The portfolio. What it’s invested in. Poke around. Get some financials. Determine the actual risk in order to develop a premium. No salesman would even be able to provide that figure without the nature of the risk being examined.

Hell. Anytime you take out a homeowners policy someone takes a look. Roof, pride of ownership, insured to value, potential hazards. but not a question about where or what 550 M is invested in?

You mean to tell me a portfolio invested 100% in Fortune 500 companies would net the same premium as a Chinese Growth Fund. One size fits all? Drive through option?

Maddof’s fund would have been examined by a whole group of forensic accountants and underwriters simply to develop a premium, let alone determine if they would even accept the risk.

Thanks for coming. We’ll let you know.

There’s a reason MLB is so guarded about its books and who gets access to the Country Club. I think a big part of it is they are afraid the public will learn just how horrible the entire league’s finances are.