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    Johnny_Red's Avatar
    Johnny_Red Posts: 1, Reputation: 1
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    #1

    Feb 24, 2009, 06:17 AM
    Insurance settlement due from bankrupt insurer
    We are about to reach a claim settlement with our insurer, AIG. As of today, AIG is reportedly about to file bankruptcy.

    Will we collect this agreed settlement if: 1.) we agree and sign-off on a settlement and THEN AIG files before they actually pay? Or 2.) we delay signing off on this settlement until after AIG actually files for bankruptcy (if they ever do)?

    Can we 'work around' the bankruptcy issue by a stipilation that any agreement is null & void if unpaid 'for any reason including bankruptcy' within xxx days after acceptance of settlement offer?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 24, 2009, 06:48 AM

    AIG has a dozen branches, the insurance side of AIG is very sound from my understanding. Personally I doubt anything happens to AIG,
    Plus most of their insurance is sold to reinsure companies anyway

    But there is no way to work around bankruptcy liability

    If you are that afraid, settle fast and get your money in hand.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Feb 24, 2009, 06:50 AM

    Hello J:

    I think the Padre is right on. If it were me, I'd be on the phone right this minute trying to get HALF of what you expected to get.

    excon
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