UPDATE/Bad Ad Timing

One of the sponsors of NBC’s presentation of the Arnold Palmer Invitational golf tournament was Chubb Insurance.  During the broadcast they ran a spot which included the following:

In this high stakes, high pressure world, we help protect our clients from risk. And always keep our eye on the ball.  Chubb, insurance that protects when it matters most.

If you do not believe them, just ask Donald J. Trump.  On Friday, Trump’s lawyers announced they had secured a bond from an entity called “Federal Insurance Company” for the $83.3 million awarded to E. Jean Carroll in the second defamation trial.  However, New York Daily News journalist Molly Crane-Newman reported:

The entity through which Trump secured the bond is a member of the Chubb Group, a property and casualty insurance giant whose CEO, Evan Greenberg, he tapped to serve on his presidential trade policy advisory committee in 2018.

When reporters asked representatives of the U.S. District Court for the Southern District of New York if they knew the source of the funds for the Chubb bond, they said they were not privy to that information.  For argument’s sake, let’s assume Evan Greenberg used existing Chubb assets to cover the $83.3 million dollars.  In that case, we can be sure Donald Trump did not have what Chubb calls their “Elite V” protection for director and officers liability.  How do I know that.? The 20-page document which explains the policy’s benefits includes the following definition of bail bond costs.

3. Definitions/Subsection 3.2

Bail Bond Costs mean the reasonable premium (not including any collateral) for a bond or other financial instrument to guarantee an Insured Person’s contingent obligation for bail or equivalent in any jurisdiction required by a court in respect of any Claim. The sub-limit of liability for Bail Bond Costs is 10% of the Limit of Liability.

Subsection 3.35 defines Limit of Liability as “the amount stated in Item 3 of the Insurance Policy.”

In other words, Chubb and Trump’s good friend Evan Greenberg violated two corporate rules.  First, they covered the entire bond, not just the “reasonable premium.”  Second, for them to put down $83.3 million, under the rules, Trump must have a policy with a “limit of liability” of (drum roll) $833 million dollars. [NOTE:  There is no truth to the rumor Barack Obama went on Fox News and demanded Trump release his “long-form policy.”]

Will Chubb also buy time during cable coverage of the election interference and business fraud case involving hush money payments to Stormy Daniels?  If so, I suggest, in the interest of truth in advertising, Chubb revise its March 9, 2024 advertisement as follows.

If you are a former U.S. president who appointed our CEO to a White House advisory board, regardless of our internal procedures and regulations, we will bail you out.  And always make sure you can make your morning tee-off time instead of holding a fire sale of your assets.  Chubb, insurance that protects Donald Trump anytime our CEO says so.

Disclaimer: This service is not available to any other policy holder so don’t ask.

For what it’s worth.

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