PWCC Statement on Recent Card Trimming Concerns

[Peter_Spaeth]

Originally Posted by 70ToppsFanatic

Because anninsurname policy usually also has a deductible that the insured needs to meet first.

I am the treasurer of a national non-profit company that has some potential liability concerns. We carry liability insurance but not from the first dollar. Therefore we also have a reserve that can be used to cover any deductible claims expenses that might arise.

I don’t know of any well managed, publicly traded company that doesn’t carry sufficient insurance coverages to protect themselves. It would be a big surprise if a company like PSA was trying to self-insure something like this .

Let's see what the facts are.

From the CLCT 10K

We have no insurance coverage for claims made under these warranties, and therefore we maintain reserves for such warranty claims based on
historical experience.

Page 17, at the bottom.