The cost of paying insurance claims is forcing insurance companies to add special addendum, and clauses to existing insurance policies in order to protect their bottom line profits. In a world where investors expect high returns, there’s little room for mistakes. AIG, the big insurance firm that does business with most of the fortune 500 companies, doesn’t like to lose money even since the government bailed the company out back in 2008. Some experts say AIG got too big for its own good in those days, and they paid the price for inferior policy writing as well as other issues. But AIG is back and the firm is bigger than ever.
AIG has a high-paid team of attorneys that battle lawsuits when customers believe they are entitled to a payout on an insurance claim. It’s hard to beat AIG in court, but Bruce Levenson, the former owner of the Atlanta Hawks and co-founded of the United Communications Group, plans to do that. Levenson and his Atlanta Hawks Basketball and Entertainment Group believe AIG breached the terms of the insurance policy the group has in place before the group sold the franchise to Tony Ressler.
The suit filed in Fulton County, Georgia, claims that AIG didn’t honor the workplace torts and employee termination clauses in the policy when general manager Danny Ferry six-year contract ended when the team was sold. Bruce Levenson and his partners are suing for an undisclosed amount plus a 50 percent penalty and court and legal costs.
Levenson doesn’t like to lose, so the dispute with AIG could be an interesting legal battle unless there is a settlement. Levenson is considered one of the founding members of the Holocaust Museum and a major contributor to Jewish organizations. He has amassed a $500 million fortune, and he is not afraid to spend some of that fortune on causes he believes in. He believes AIG is in the wrong and he wants to prove it. Learn more about Mr. Levenson, visit his website brucelevenson.com and his Wikipedia page.