New information shows that the insurance company that swooped in and bailed out Trump with a $175 million bond isn’t on a list of vetted companies—and wrote a bizarre contract.
in New York; it hasn’t even been vetted by a voluntary state entity that would verify it meets minimum “eligibility standards” to prove financial stability.
“There are many questions here, and that short piece of paper gives very little comfort,” said Maria T. Vullo, who was formerly New York’s top financial regulator. In the industry, this secondary exchange is typically reserved for high-risk business ventures, or those that have a severe loss history that makes them untouchable in the primary market, forcing them to find a willing insurer that isn’t licensed in their home state.
“The ELANY list is composed of insurers that request to be listed and are approved by ELANY following a thorough analysis of the insurer’s financial security,” Rosenblatt told The Daily Beast.“Knight Specialty Insurance Company is not on the ELANY voluntary list,” Rosenblatt said. Buried in the typical legalese of the contract is the phrase: “Knight Specialty Insurance Company… does hereby… undertake that if the judgment… is dismissed… Donald J. Trump… shall pay… the sum directed.”
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