Insurance Industry, Commercial Crime Insurance Polices

To Be or To Be On Behalf Of: That Is the Question

White and Williams LLP on 8/15/2022

On August 10, 2022, the U.S. District Court for the Middle District of Florida held, on a motion to dismiss, that losses allegedly caused by fraudulent payment requests by persons purporting to be the insured qualified for...more

Fifth Circuit Affirms Finding of No Coverage for Phished Funds Never “Held” by Insured

Carlton Fields on 2/2/2022

As we previously reported, in February 2021, a Texas federal court ruled that RealPage Inc. was not entitled to insurance coverage for funds diverted in an email phishing scheme because RealPage did not “hold” the diverted...more

Insurance Update - January 2022

Rivkin Radler LLP on 1/24/2022

Cases discussed in our January Insurance Update answer these questions: •A commercial crime policy covers property that the insured “holds for others.” In the context of a phishing scheme, does “hold” mean the insured...more

Indiana Supreme Court Refuses to Hold Commercial Crime Policy Covers Ransomware Attack

Cozen O'Connor on 7/1/2021

Typically, comprehensive cyber insurance policies, rather than commercial crime policies, respond to claims of data breach and other cybercrimes. With the rise in hacking and ransomware attacks worldwide, businesses that may...more

Indiana Supreme Court Revives Insured’s Case for Ransomware-Related Coverage Under Commercial Crime Policy

Wiley Rein LLP on 4/5/2021

The Indiana Supreme Court, applying Indiana law, has held that an insured may be entitled to coverage for a ransom payment under a commercial crime policy if the circumstances of the attack “fraudulently caused” the insured...more

Insurance Implications of Transitioning to a Remote Workforce

Pillsbury - Policyholder Pulse blog on 5/15/2020

A couple months into the widespread shift to remote work for many employees on a temporary basis, an increasing number of companies are considering or already implementing a permanent shift to remote work for most or all of...more

Another Federal Circuit Finds Phishing Loss Covered Under Crime Policy

Farella Braun + Martel LLP on 2/4/2020

Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these...more

The Robins Kaplan Insurance Insight - Vol. 1, No. 1

Robins Kaplan LLP on 1/24/2017

Welcome to our newest publication, The Robins Kaplan Insurance Insight. Our goal is to deliver practical content to help you navigate the current challenges and latest developments in the insurance industry. This newsletter...more

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Cozen O'Connor on 9/20/2016

Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Forgery May Not Constitute “Theft” Under an Employee Dishonesty Coverage

Cozen O'Connor on 8/9/2016

Ruling in favor of the insurer on a motion for summary judgment, on July 29, 2016 the Fifth Circuit Court of Appeals held that under the terms of a commercial crime policy, proof of a forgery by the insured’s employee in...more

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