Post by Logan on Mar 26, 2016 3:24:04 GMT -6
In wake of 38 Studios lawsuit, state pays more for liability insurance
PROVIDENCE, R.I. — Sometimes numbers speak volumes.
In 2012, before the collapse of 38 Studios set off a storm of finger-pointing, a lawsuit — and multimillion-dollar legal settlements, the state's economic-development agency was paying $39,507 a year for insurance policies for its "directors & employees,'' including then executive director, Keith Stokes.
By the time 2014-15 rolled around, the Great American Insurance Company was no longer in the picture and the state agency now known as the Rhode Island Commerce Corporation was paying $71,385 a year for the same level of insurance coverage: $10 million.
In the current coverage year, running from Aug. 30, 2015, through Aug. 30, 2016, the agency is paying a total of $119,328 to the National Union Fire Insurance Company of Pittsburgh, Pa., and Ironshore Indemnity for two policies of $10 million each.
The numbers may — or may not — be relevant to a question the lead lawyer in the state's lawsuit to recover its failed $75-million investment in ex-ballplayer Curt Schilling's video-game company seemed to answer, then recanted: Did the economic development agency's own insurance pay a settlement with its former director and deputy director in the 38 Studios legal case?
Read more: www.providencejournal.com/news/20160325/in-wake-of-38-studios-lawsuit-state-pays-more-for-liability-insurance
PROVIDENCE, R.I. — Sometimes numbers speak volumes.
In 2012, before the collapse of 38 Studios set off a storm of finger-pointing, a lawsuit — and multimillion-dollar legal settlements, the state's economic-development agency was paying $39,507 a year for insurance policies for its "directors & employees,'' including then executive director, Keith Stokes.
By the time 2014-15 rolled around, the Great American Insurance Company was no longer in the picture and the state agency now known as the Rhode Island Commerce Corporation was paying $71,385 a year for the same level of insurance coverage: $10 million.
In the current coverage year, running from Aug. 30, 2015, through Aug. 30, 2016, the agency is paying a total of $119,328 to the National Union Fire Insurance Company of Pittsburgh, Pa., and Ironshore Indemnity for two policies of $10 million each.
The numbers may — or may not — be relevant to a question the lead lawyer in the state's lawsuit to recover its failed $75-million investment in ex-ballplayer Curt Schilling's video-game company seemed to answer, then recanted: Did the economic development agency's own insurance pay a settlement with its former director and deputy director in the 38 Studios legal case?
Read more: www.providencejournal.com/news/20160325/in-wake-of-38-studios-lawsuit-state-pays-more-for-liability-insurance