When Lance Armstrong won the 2004 Tour de France, his sixth of seven wins, a $5,000,000 bonus was triggered and due to Armstrong for this unprecedented win. SCA Insurance insured the bonus and refused to pay the bonus sighting a 2004 book that accused Armstrong of doping. After a lengthy court battle, SCA settled the claim for a reported $7,500,000. The additional $2,500,000 covering interest and legal costs.Armstrong's admission during a lengthy interview with Oprah puts Armstrong in a difficult position and will likely begin the legal process anew as SCA goes after the $7,500,000 payment. The NY Times has an article here which outlines some of the legal problems Armstrong may face. This article was written before the admission but is still relevant with regard to the insurance problem.
Boca Insurance Group handles all forms of insurance including exotic policies such as the policy the US Postal Cycling team took out of the bonus for Armstrong's win. Call us today to discuss your options- 954-596-0691.
