Federal Insurance Co., the insurer for Second Mile that has been paying for the legal defense bills accumulated by Jerry Sandusky – the former assistant football coach for Penn State – is seeking to be excused from having to pay the expenses relating to his child sexual abuse charges, that are expected to reach up to six figures. In fact, Sandusky is currently facing a charge of 50 counts of criminal conduct within alleged sexual abuse of minors cases. The charges include various counts ranging from child endangerment, to sexual…
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Penn State sex scandal may send ripples through the insurance industry
The recent sexual abuse allegations surrounding Pennsylvania State University have sparked concerns amongst insurers regarding risk. While most of the attention regarding the situation has been aimed on those responsible, insurers have been considering what to do to account for the risk and liability that seems to be inseparable with state universities. Moody’s Investor Services Inc., a ratings agency based in New York, has said that the damage to the university’s reputation may take years to repair. The agency has said that it is considering lowering Penn State’s bond rating,…
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