A federal appeals court ruled that RealPage’s commercial-crime insurance policy did not cover a $5 million phishing loss because the property-management service provider never “held” any of the stolen funds. The 5th U.S. Circuit Court of Appeals upheld a victory for AIG’s National Union Fire Insurance Company of Pittsburgh, which insured RealPage against theft of… Continue reading Phishing Victim Can’t Claim $5 Million Loss on Crime Policy for Money It Never ‘Held’
Tag: crime policy
Cargill Sues Insurer Over Non-Payment in $45 Million Employee Fraud Claim
Cargill is suing its insurance company it claims should have paid out under a crime loss policy after losing $45 million in an employee fraud scheme. Cargill filed the lawsuit against National Union Fire Insurance Company of Pittsburgh in U.S. District Court in Minnesota on November 24, 2021. Cargill, based in Minnesota, discovered the fraud… Continue reading Cargill Sues Insurer Over Non-Payment in $45 Million Employee Fraud Claim
Risk Placement Services Launches New, Online Commercial Crime Insurance Product
E&S wholesale broker and MGA Risk Placement Services announced today the launch of a new, online commercial crime insurance product to cover losses resulting from fraud committed by internal and external parties. Available to quote-bind-issue in two minutes through RPS’ online platform, the commercial crime policy offers standard blanket crime coverages including: employee theft; ERISA;… Continue reading Risk Placement Services Launches New, Online Commercial Crime Insurance Product