It was a widely publicized nightmare, the collapse of two massive tents at the Russo and Steele car auction in Scottsdale, Arizona, during the company’s marquee event in January. Hundreds of rare, exotic, modified, and generally expensive cars were damaged, some beyond repair. We immediately thought of the massive insurance battle that was to follow. We were tipped off to a great piece that breaks down the various scenarios that owners of damaged cars find themselves in thanks to Jon Lundberg.
Our uneducated selves believed that Russo and Steele were going to get buried on this one, but according to the story from Keith Martin’s Sports Car Market, the company may not get the deluge of lawsuits we thought. Why? It will be very difficult to establish a liable party because the winds could be classified as an unforsseable “act of God,” essentially absolving Russo and Steele of liability.
There are multiple potential scenarios that car buyers and sellers could find themselves in. If the car had just been purchased, often times the buyer’s existing insurance company automatically picks up coverage for 30 days, so any damage would be covered. That’s the good scenario. Several more are presented that come off as very sticky.
This is an interesting read and sheds some light on what has to be a sea of red tape.
Source — Sports Car Market — Who pays at Russo and Steele?
