No Crime Coverage For $1M Check Theft Loss, 6th Circuit Affirms
Mealey's (July 12, 2016, 11:49 AM EDT) -- CINCINNATI — The Sixth Circuit U.S. Court of Appeals on July 11 affirmed that there is no coverage for an insured’s $1 million check theft loss caused by an employee because the insured discovered wire fraud by the same employee before the policy's inception and the check theft and wire fraud constitute a single loss under the policy (Construction Contractors Employer Group, LLC v. Federal Insurance Co., No. 15-4352, 6th Cir.; 2016 U.S. App. LEXIS 12710).