Written by Jimbo123
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Topics: insurance

Wednesday, 18 July 2012

image for 'Apology' insurance claims rock market
"Sorry, I haven't a clue"

Underwriters in Lloyds of London are having their shirts extracted after a slew of succesful claims against 'apology' insurance policies.

For years public figures have taken out insurance against the ignominy of having to apologise in public, with smaller claims for using the words 'regret' and 'failure'.

In earlier years, these contracts proved very profitable for the insurer with politicians managing to slide out of the most sickening scandals, however the banking crisis, Levenson enquiry and continuous select committees have left insurers dreams of avarice in tatters.

Rupurt Murdoch successfully claimed £50m for apologising, with similar amounts going to Stephen Hester and Bob Diamond.

Insurers ar said to be very nervous about the Olympics 2012 since Lord Coe has a policy many times this size with a codicil to claim several million just if his has to 'show empathy'.

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