UPDATE: Insurance company won't pay for VertiGo failure

Posted Thursday, February 13, 2003 5:18 AM | Contributed by Jeff

(Originally posted 2/12/03 9:11:28 AM) A Minnesota insurance company is refusing to pay Cedar Fair LP nearly $7.2 million in property damage claims for two torn-down VertiGo slingshot rides at Cedar Point and Knott's Berry Farm. The company says that because the rides could be repaired, following the collapse of one at Cedar Point, they were ineligible for compensation.

UPDATE: Brian Witherow, Director of Investor Relations for Cedar Fair, told CoasterBuzz this morning that, "We believe this court filing was made in error and will be withdrawn. We are currently in settlement discussions, which are proceeding in a satisfactory manner, and we expect this matter to be resolved shortly."

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