The Associated Press reports that casino owner Steve Wynn is suing Lloyd’s of London, alleging “the insurance company [sic] failed to act properly on his demands to pay $54 million in lost value for a Picasso 
that was damaged when Wynn accidentally poked a hole in the canvas with his elbow.”
Mr. Wynn’s suit arises from his frustration that Lloyd’s has not estimated the damage to the painting and made him an offer.
Lloyd’s says it usually works the other way around: You tell us what you think the claim is worth and we’ll let you know if we agree or disagree. In other words: give us your claim and we’ll poke holes in it.
Meanwhile, as it awaits Mr. Wynn’s claim, Lloyd’s reportedly has already agreed to finance restoration of the work, a 1932 painting titled “La Reve.”
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