Memory Lane sold cards they didn't have per SCD

[Snowman]

Originally Posted by Seven

This is perhaps one of the most interesting things to me, but again this is assuming a lot. I have no dog in this race, I'm a lower level collector that makes less in a year than some of these cards go for in an auction. All that being said the only way I would think the Insurance company would pay out, correct me if I'm wrong, is if there was next to zero chance of the cards being recovered. If they suddenly are what exactly happens to them? I doubt the insurance company wants a bunch of old pre-war cards. Do they auction them off?

Yes, the insurance company would just turn around and auction them off again if they were to take ownership by paying out on a claim and then later recovering the assets.

But I'd wager good money that they won't be consigning them to Memory Lane lol

[sb1]

In my limited (1 time) experience with CIA insurance and a package stolen by a postal employee, where we were made whole by the insurance company. About, six months later I discovered one of the cards on ebay, they recovered the cards and we were offered the items back at the same price that we were previously paid out. We just repaid them what they had previously paid out to us and they sent the cards back.

[Leon]

Originally Posted by sb1

In my limited (1 time) experience with CIA insurance and a package stolen by a postal employee, where we were made whole by the insurance company. About, six months later I discovered one of the cards on ebay, they recovered the cards and we were offered the items back at the same price that we were previously paid out. We just repaid them what they had previously paid out to us and they sent the cards back.

IF I recall correctly, it was 2 cards and the seller auctioning them on ebay got them from the thief, who was a postal employee!


Sorry to get off subject. The whole ML theft situation is just sad. At the end of the day I think more people will give better consideration to the who, how and when, of shipping really valuable things. The older we get the more expensive the lessons can be.

Did I ever mention about my restaurant debacle? It was expensive.
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[Yoda]

Originally Posted by Snowman

Yes, the insurance company would just turn around and auction them off again if they were to take ownership by paying out on a claim and then later recovering the assets.

But I'd wager good money that they won't be consigning them to Memory Lane lol

Absolutely, most insurers' claims dept. have a salvage unit which does nothing more than dispose of assets recovered after they have paid the claim. Disposition can be anything; auctions, private sales, charitable contributions etc.