This week’s article about the ongoing court battle between the Bronfman family and their insurer over a robbery going back to 2008 raised a valid question from one broker, making it the Comment of the Week.
The original story describes how one of Canada’s richest families held an insurance policy with BFL Canada Risk and Insurance Inc. with limits of $10,000 for jewellery and $1,500 cash – which left them considerably out-of-pocket when their safe was stolen five years ago. They are suing the insurer for $3-million, alleging that the broker was negligent for failing to ensure that the couple’s policy reflected their standard of living.
Andrew Baile commented that he was curious if the Bronfmans were indeed aware of the policy limitations in the first place.
“The policy provided to the Bronfmans was obviously insufficient given the claim now before the courts,” wrote Baile. “Common sense would dictate that the Bronfmans would be covered by a policy more suited to their needs. One has to ask if the Bronfmans were ever advised of the policy limitations.”
However, Linda Ann wrote that the blame shouldn’t be placed solely at the feet of the insurer, and that the Bronfmans should have exercised their own common sense.
“Chances are good that they were advised of policy limits at original inceptioned date, then 'forgotten,'” she wrote. “Like everyone else nowadays, blame it on someone else; obviously they decided to self-insure. They purchased a safe - why not put it in bank?”
Just how much did the thieves make off with? Were they ever caught? Click
here to find out.
Both the Bronfmans and BFL Canada have declined comment, as the matter is still before the courts.
