June 13th, 2003 - Open Knowledge
Jun. 13th, 2003
07:43 pm - Nub City
In a story in its December 23, 1974 issue, The Wall Street Journal reported this bizarre instance moral hazard:
"[T]here is the macabre case of "Nub City," a small Florida town that insurance investigators decline to identify by its real name because of continuing disputes over claims. Over 50 people in the town have suffered 'accidents' involving the loss of various organs and appendages, and claims of up to $300,000 have been paid out by insurers. Their investigators are positive the maimings are self-inflicted; many witnesses to the 'accidents' are prior claimants or relatives of the victims, and one investigator notes that 'somehow they always shoot off parts they seem to need least.'"
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