Wynn Sues to Make Policyholders Pay For His Mistake

Awhile back I posted the story about casino mogul Steve Wynn who accidentally punched a hole in an original Picasso he had just sold for $139 million dollars. Wynn's boo-boo reduced the value of the painting by $54 million, and he wants Lloyds of London to pay for it:

NEW YORK — By his own admission, it was "the world's clumsiest and goofiest thing to do." But casino mogul Steve Wynn won't pay for his own oops....he wants his insurance company to cover the cost, instead.

Wynn accidentally poked a hole in a Picasso that he owns. He contends that the minute his elbow went through the canvas the painting's value dropped by $54 million dollars. So he's suing Lloyds of London, accusing them of not acting on his demands to pay up.

In a suit filed in Manhattan federal court, Wynn is asking for an order forcing the insurance giant to expedite his claims for reimbursement and restoration costs.

Sometimes you have to pay for your own mistakes, and I think this should be one of those situations. Wynn has enough money that he can afford to eat this loss rather than make Lloyd's policyholders pay for it.