Quote:
Originally Posted by G1911
Let’s use some common sense. When in all of history in any jurisdiction has an insurance company demanded a fake fraudulent auction be run in order to value a claim? This is not how it works. No real insurance company is going to do that. It’s ludicrous. If you want to defend lying to hundreds or thousands of customers to run a fake auction, get a more realistic reason to justify it.
|
I agree that it is unlikely the insurance company would demand or require the auction to run. That said, it
IS required for the insured (ML) to provide substantiation of the value of the loss. The insurance company can look for alternative means of valuation and the process becomes a dispute/negotiation which in a best case scenario is settled and a worse case scenario is litigated. Given the rarity of at least some of the cards involved and the conflicting interests in low vs high valuation, there could be some big differences in perceived value between the insurance company and insured party (ML) not to mention the complicating consignor factor. Running the auction gives a pretty hard to argue value basis for all the cards involved.
I don't have a horse in the race, just believe I understand some of why things unfolded the way they did. Once the cards were stolen the only better and "easy" ending would have been for them to have been recovered prior to the end of the auction. When that possibility expired, there was no good way for things to end. Some group (consignors, bidders, ML) was not going to be happy. I do hope that more information is revealed once the case is closed and (hopefully) the cards recovered.