Texas Panel: No Coverage Owed For Insured’s $16M Loss Over Fraudulent Invoices

Mealey's (May 26, 2023, 2:22 PM EDT) -- HOUSTON — A Texas appeals court on May 25 affirmed a lower court’s summary judgment ruling in favor of primary and excess commercial crime insurers in a coverage dispute arising from $16,423,941.78 in fraudulent invoices, finding that coverage was not triggered because the insured’s underlying loss was a result of a dishonest act by the insured’s authorized representative....