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#6
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OUCH! Triple and punitive damages of $2.5mm over a boat deal!
wrote in message oups.com... JimH wrote: wrote in message oups.com... wrote: I hope that this is a good lesson to those in the industry. Lying about the condition of a boat you sell may not produce the intended results. I'll bet that MarineMax thought that they had just clipped another pigeon. It looks like the pigeon won the battle in the end. Chuck, I know you are in the industry. The title of the thread seems to indicate that you think that this was excessive. What makes you feel that way? You made a very quick leap from an assumption that the title "seems to indicate" something to asking me to defend what you presumed the title must have meant. "Ouch!" means that for even a company as large as Marine Max, a $2.5mm settlement, (plus attorney fees for both sides etc that will probably bring the total to $3mm) is a good sized bite out of the bottom line. Unless the judge ordered otherwise...........their insurance company was left holding the bill. No big deal for Marine Max other than possible higher insurance rates. snip Maybe not; It wouldn't be unusual for an insurance company to exclude from coverage any damages awarded to purchasers proving blatantly dishonest sales practices. Actually not. Unless the judge or State orders/mandates otherwise they are paid by the insurance company under most standard commercial insurance policies. Even if the insurance company winds up paying that insurance company will then raise its rates to all businesses that it insures, which will then show up in higher boat prices for everybody. Yep. But in any case.........this was not as big of hurt to MarineMax as it first appears. |
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