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Forums - Sony - Sony Insurer Seeks 'No Responsibility' in Covering Possible Lawsuits over PSN

Galaki on 22 July 2011

source

Sony Insurer Seeks 'No Responsibility' in Covering Possible Lawsuits over PSN

Posted July 21, 2011 by Ben Strauss

The ongoing state and federal investigations into Sony for the PSN outage are potentially going to cost Sony something in the neighborhood of hundreds of millions of dollars, and that has insurance firms getting anxious.  One such firm, Zurich American, has filed suit in New York, seeking to break coverage of Sony.

Claiming that it should not be held responsible for claims “asserted in the class-action lawsuits, miscellaneous claims, or potential future actions instituted by any state attorney general,” Zurich hopes to avoid massive payouts in the PSN fallout.  The insurance firm also filed suit against other Sony insurers, “seeking assurances that they would share in any payout should Sony's claim be validated."

Sony is attempting to gain coverage from their various insurers, including AIG, ACE Limited and Mitsui Insurance.  Zurich is fighting back, saying that their policy only covers “bodily injury, property damage or personal and advertising injury."  The current claims, according to Zurich, are in no way covered by the policy.

[Thanks Gamasutra]

I thought the insurers were specifically signed up for the PSN coverage? Weird.



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mibuokami on 22 July 2011
Galaki said:

source

Sony Insurer Seeks 'No Responsibility' in Covering Possible Lawsuits over PSN

Posted July 21, 2011 by Ben Strauss

The ongoing state and federal investigations into Sony for the PSN outage are potentially going to cost Sony something in the neighborhood of hundreds of millions of dollars, and that has insurance firms getting anxious.  One such firm, Zurich American, has filed suit in New York, seeking to break coverage of Sony.

Claiming that it should not be held responsible for claims “asserted in the class-action lawsuits, miscellaneous claims, or potential future actions instituted by any state attorney general,” Zurich hopes to avoid massive payouts in the PSN fallout.  The insurance firm also filed suit against other Sony insurers, “seeking assurances that they would share in any payout should Sony's claim be validated."

Sony is attempting to gain coverage from their various insurers, including AIG, ACE Limited and Mitsui Insurance.  Zurich is fighting back, saying that their policy only covers “bodily injury, property damage or personal and advertising injury."  The current claims, according to Zurich, are in no way covered by the policy.

[Thanks Gamasutra]

I thought the insurers were specifically signed up for the PSN coverage? Weird.

Insurance as a business only makes sense if people do not claim, profit will instantly fall if the insurer needs to actually DO something that it was meant to do! It won't matter if they are covered, they will try to wiggle out regardless.




kitler53 on 22 July 2011
Galaki said:

source

...

Sony is attempting to gain coverage from their various insurers, including AIG, ACE Limited and Mitsui Insurance.  Zurich is fighting back, saying that their policy only covers “bodily injury, property damage or personal and advertising injury."  The current claims, according to Zurich, are in no way covered by the policy.

[Thanks Gamasutra]

I thought the insurers were specifically signed up for the PSN coverage? Weird.

they are insuring psn but think it  only convers bodily injury and property damage?!?  so psn is supposed to what ... burn my house down while i'm sleeping?



TRios_Zen on 22 July 2011
kitler53 said:
Galaki said:

source

...

Sony is attempting to gain coverage from their various insurers, including AIG, ACE Limited and Mitsui Insurance.  Zurich is fighting back, saying that their policy only covers “bodily injury, property damage or personal and advertising injury."  The current claims, according to Zurich, are in no way covered by the policy.

[Thanks Gamasutra]

I thought the insurers were specifically signed up for the PSN coverage? Weird.

they are insuring psn but think it  only convers bodily injury and property damage?!?  so psn is supposed to what ... burn my house down while i'm sleeping?

Sounds as if they are saying that the PSN was NOT covered.  Or specifically that the Sony Network Entertainment of America group, of which the PSN is a part of, was not covered.  Further they state that even if they WERE covered, thier policy was taken for Bodily Injury and Property damage, which obviously is not applicable in this case. 



Wagram on 22 July 2011

If PSN was covered under their contract then this is a heap of bullshit. Just another greedy corporation trying to negate their contract because it will cost them money. I would rather die then pay these greedy corporations money.



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Vetteman94 on 22 July 2011

Well they wouldn't be a good insurance company if they weren't looking for a way out of paying for damages that may be covered



Alby_da_Wolf on 22 July 2011

Insurance companies not wanting to pay damaged clients: is this news?



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