The insurance industry's biggest fear just came true: A company big...
Marc Gravely@MarcGravely
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Jan 10, 2025
~2 min read
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The insurance industry's biggest fear just came true:
A company big enough to fight back.
Samsung filed a $400M lawsuit that's exposing everything.
The playbook they never wanted you to see:
A company big enough to fight back.
Samsung filed a $400M lawsuit that's exposing everything.
The playbook they never wanted you to see:
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Winter Storm Uri wasn't just another Texas storm.
It was a catastrophic failure of our infrastructure.
Hundreds died. Billions in damages.
And one of America's largest semiconductor facilities was about to uncover something disturbing:
It was a catastrophic failure of our infrastructure.
Hundreds died. Billions in damages.
And one of America's largest semiconductor facilities was about to uncover something disturbing:
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Samsung's Austin facility was built like a fortress.
They even installed their own electrical substation.
Austin Energy promised uninterrupted power.
But what happened next exposed a troubling pattern in the insurance industry:
They even installed their own electrical substation.
Austin Energy promised uninterrupted power.
But what happened next exposed a troubling pattern in the insurance industry:
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With barely a warning, the power went dark.
Three days of complete shutdown.
When the lights came back on, the scene was devastating.
But the real battle was just beginning...
Three days of complete shutdown.
When the lights came back on, the scene was devastating.
But the real battle was just beginning...
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The damage was staggering:
$150M in destroyed equipment.
$250M in business interruption losses.
Samsung had a $2.5B "all-risks" policy with FM Global.
That's when the gloves came off:
$150M in destroyed equipment.
$250M in business interruption losses.
Samsung had a $2.5B "all-risks" policy with FM Global.
That's when the gloves came off:
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FM Global's response?
Classic insurance industry tactics.
They claimed coverage only applied to freeze damage, denying everything else and ignoring requests for explanation.
But they made a critical error. Here's where their scheme began to unravel:
Classic insurance industry tactics.
They claimed coverage only applied to freeze damage, denying everything else and ignoring requests for explanation.
But they made a critical error. Here's where their scheme began to unravel:
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The policy was crystal clear:
"All risks of physical loss or damage."
No exclusions applied.
But FM Global had other plans.
And what they did next was unconscionable:
"All risks of physical loss or damage."
No exclusions applied.
But FM Global had other plans.
And what they did next was unconscionable:
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They offered a fraction of what was owed. Refused to reconsider. Stonewalled every request for information.
This wasn't just about Samsung anymore.
It revealed something far more sinister.
This was part of a systematic effort:
This wasn't just about Samsung anymore.
It revealed something far more sinister.
This was part of a systematic effort:
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A calculated strategy to underpay ALL Uri claims.
The insurance industry's playbook exposed:
• Deny coverage
• Delay payment
• Diminish claims
But Samsung had something most don't:
The insurance industry's playbook exposed:
• Deny coverage
• Delay payment
• Diminish claims
But Samsung had something most don't:
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Resources to fight back.
Most Texas Businesses are forced to accept pennies on the dollar.
Take their lumps and move on.
Think about what these means for our local institutions:
Most Texas Businesses are forced to accept pennies on the dollar.
Take their lumps and move on.
Think about what these means for our local institutions:
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Our schools. Our hospitals. Our municipalities.
All facing the same tactics.
But lacking the means to challenge these giants.
There are, of course, protections for property owners:
All facing the same tactics.
But lacking the means to challenge these giants.
There are, of course, protections for property owners:
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The Texas Insurance Code for example.
But the insurance lobby's influence runs deep.
They've watered down penalties. Complicated the process. Made policy benefits harder to reach.
After 30 years representing Texas Business, I've seen it all:
But the insurance lobby's influence runs deep.
They've watered down penalties. Complicated the process. Made policy benefits harder to reach.
After 30 years representing Texas Business, I've seen it all:
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• The abuse of power.
• The underhanded tactics.
• The systematic denial of legitimate claims.
But here's what they don't want you to know:
• The underhanded tactics.
• The systematic denial of legitimate claims.
But here's what they don't want you to know:
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The Texas Insurance Code has teeth.
And with the right expertise, the playing field can be leveled.
And with the right expertise, the playing field can be leveled.
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Video credits:
• YT link youtube.com/watch?v=Tn_-RF…
• YT link youtube.com/watch?v=Mxf_sN…
• YT link youtube.com/watch?v=tpTdgi…
• YT link youtube.com/watch?v=Tn_-RF…
• YT link youtube.com/watch?v=Mxf_sN…
• YT link youtube.com/watch?v=tpTdgi…
