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Old 11-13-2006, 10:19 AM
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Randwyck
 
Join Date: Oct 2006
Location: NY/NJ
Posts: 1,293
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Quote:
Originally Posted by Rupert Pupkin
Let's figure that Bernardini is worth about $60 million. The insurance premium is usually about 5% of the horse's value. So if Bernardini is worth $60 million and they want to insure him for $60 million that means it would cost about $3 million a year to insure Bernardini.
BTW, here is an interesting question -- so the owner(s) of Bernardini can easily afford this type of insurance premium from "other wealth" and perhaps as such, the fans feel a certain way (of course for other reasons as well).

What if Bernardini or a similar type of horse worth the same money was owned by a working class guy, or someone who did not have wealth per se. If that person did not have other assets or couldn't get a farm to offer up enough real cash, etc., and they could not "afford" the premium -- would people feel differently? What about if there was an estate tax/liquidity issue (ie: Joe Robbie and the Miami Dolphins)?

Any thoughts? Thank you.

Eric
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