$1.7M Fraud Loss Triggered Coverage Under Commercial Crime Policy, Majority Affirms

Mealey's (December 9, 2019, 2:06 PM EST) -- ATLANTA — A majority of the 11th Circuit U.S. Court of Appeals on Dec. 9 affirmed a lower federal court’s ruling that a commercial crime insurance policy is ambiguous and, as a result, the insurer owes coverage for the insured's $1,717,000 loss caused by computer and funds transfer fraud (Principle Solutions Group LLC v. Ironshore Indemnity Inc., No. 17-11703, 11th Cir., 2019 U.S. App. LEXIS 36350)....