Memory Lane sold cards they didn't have per SCD

[bnorth]

Originally Posted by Seven

This is perhaps one of the most interesting things to me, but again this is assuming a lot. I have no dog in this race, I'm a lower level collector that makes less in a year than some of these cards go for in an auction. All that being said the only way I would think the Insurance company would pay out, correct me if I'm wrong, is if there was next to zero chance of the cards being recovered. If they suddenly are what exactly happens to them? I doubt the insurance company wants a bunch of old pre-war cards. Do they auction them off?

Never with cards but with items in the 5 figure range the insurance company owned the items after they paid me off. Have no idea what they did with them afterwards.

[Seven]

Originally Posted by bnorth

Never with cards but with items in the 5 figure range the insurance company owned the items after they paid me off. Have no idea what they did with them afterwards.

That's exactly what I'm asking. I'd imagine they have to do SOMETHING with them!

Originally Posted by Lorewalker

The likelihood of the recovery of the cards is not the criteria the carrier would use to base paying the claim or not, in this situation. They pay when there is a loss and at this point there is a loss but they only pay when the policyholder abides by the policy, which does not sound like that happened.

Chase,

I appreciate the clarification. I'm unfamiliar with a lot of this, you learn something new everyday.

[steve B]

Originally Posted by bnorth

Never with cards but with items in the 5 figure range the insurance company owned the items after they paid me off. Have no idea what they did with them afterwards.

It used to get strange sometimes. A friend in HS wrecked his car. Insurance totalled it. Insurance paid.
Never asked him about the car which was at his house, or even the title.
After a couple months his dad called them asking when they might take their car out of the yard.
"We don't want that thing! Just scrap it. "
"Ok, since you own it can you just send me that in writing"

They did. The car got fixed, and sold. It didn't take much damage to total a Chevette.