Panel: Insured Fails To Show ‘Theft By Deception’ In Dispute Over $90M Fuel Loss

Mealey's (August 1, 2016, 1:52 PM EDT) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on July 29 held that a petroleum refiner insured failed to provide any evidence that it would have acted differently had it known that a petroleum distributor’s credit account was not secured, affirming a lower court’s ruling that there was no “unlawful taking” to trigger commercial crime coverage for the loss of approximately $90 million worth of fuel (Tesoro Refining and Marketing Company, L.L.C. v. National Union Fire Insurance Company of Pittsburgh, Pennsylvania, No. 15-50405, 5th...
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