Masonry Magazine August 1983 Page. 25
Erie Office Building Features Masonry
The new Perry Square Building, recently opened in Erie, Pa., by the Erie Insurance Group, features extensive use of masonry. Located at French and E. 6th Sts., the 200,000 sq. ft. structure incorporates Glen Gery brick, Carnelian granite and limestone sunscreens. Small brick pavers provide an intimate scale for the courtyard and atrium spaces. Pennsylvania Governor Dick Thornburgh called the building a "new jewel added to the crown of Erie."
Hugh Stubbins & Associates, Inc., Cambridge, Mass., well-known for its design of Citicorp Center in New York and the Federal Reserve Bank of Boston, was responsible for the architectural, interior and landscape design of Perry Square. Turner Construction Co., Cleveland, Ohio, was the construction manager. John Benson, Newport, R.I., was the stonecutter on the project.
Insurance Insights...
An owner of a company knew his son had ten speeding violations and two license suspensions, yet he let the 23-year-old use the company car while he was home on military furlough. The owner's son had an accident that left the other driver paralyzed from the neck down. The paralyzed driver sued the firm and family for $4.2 million. The suit scared the firm's bank and suppliers as company insurance covered only $100,000 on such a claim. Suppliers froze the firm's credit line. The bank demanded collateral for an unsecured $114,000 loan. Eventually the suit was settled for $152.000. Insurance paid $102,000 and the firm paid $50,000, which it deducted as a business expense to protect its financial integrity. However, a U.S. District Court said the settlement isn't deductible because the accident didn't arise from company business. The Court added, had the father not been an owner, he would have had to pay for exposing the company to such a liability.
The moral of this story is apparent... improper insurance left this company owner holding the bag for a "non-deductible" $50,000. It could have been a lot worse! And, of course, who can estimate the cost of restricted credit and restricted bank loans? There is no substitute for quality insurance advice.- Commercial Insurance Service Inc. Newsletter, Charleston, W.Va.
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