A recent groundbreaking case decided February 1, 2023, from the United States Court of Appeals for the Fifth Circuit highlights the importance of broad insurance coverage for title agents and other businesses vulnerable to...more
On August 10, 2022, the U.S. District Court for the Middle District of Florida held, on a motion to dismiss, that losses allegedly caused by fraudulent payment requests by persons purporting to be the insured qualified for...more
In a decision addressing several coverage issues under a directors and officers liability policy, a Delaware federal court held that coverage did not extend to claims based on acts alleged to have taken place before the...more
The United States Court of Appeals for the Ninth Circuit, applying California law, has held that a loss resulting from an employee’s payments made to a third party after receiving fraudulent emails directing her to wire funds...more
As we previously reported, in February 2021, a Texas federal court ruled that RealPage Inc. was not entitled to insurance coverage for funds diverted in an email phishing scheme because RealPage did not “hold” the diverted...more
Cases discussed in our January Insurance Update answer these questions: •A commercial crime policy covers property that the insured “holds for others.” In the context of a phishing scheme, does “hold” mean the insured...more
Typically, comprehensive cyber insurance policies, rather than commercial crime policies, respond to claims of data breach and other cybercrimes. With the rise in hacking and ransomware attacks worldwide, businesses that may...more
The Indiana Supreme Court, applying Indiana law, has held that an insured may be entitled to coverage for a ransom payment under a commercial crime policy if the circumstances of the attack “fraudulently caused” the insured...more
A federal district court in Dallas, Texas has held that an insured's commercial crime policies were not triggered by a $6 million phishing loss where the insured did not "hold" the stolen funds. The case is RealPage Inc. v....more
A couple months into the widespread shift to remote work for many employees on a temporary basis, an increasing number of companies are considering or already implementing a permanent shift to remote work for most or all of...more
The story is becoming all too common. A merchant (or consumer) is convinced to wire money to a fraudulent account because of an incorrect belief that they are wiring the money to the real party....more
With unprecedented activity online, cybercrime is growing in frequency, sophistication and aggregate effect. Despite the increased visibility of cybercrime, cybersecurity continues to lag behind this curve. Cybercriminals...more
Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these...more
While cryptocurrencies and digital tokens — also known as “digital assets” — have disrupted traditional notions of commerce, capital and investing, there is another asset which any company engaged in this space will need:...more
We share some practical tips and key considerations for cryptocurrency-related insurance issues below. Retain a Good Broker - An obvious starting point is choosing a well-regarded insurance broker with a deep bench of...more
Welcome to our newest publication, The Robins Kaplan Insurance Insight. Our goal is to deliver practical content to help you navigate the current challenges and latest developments in the insurance industry. This newsletter...more
In this month's edition of our Privacy & Cybersecurity Update, we examine modifications to New York state's proposed cybersecurity regulations for financial institutions, a 5th Circuit ruling that a phishing scam is not...more
Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more
Ruling in favor of the insurer on a motion for summary judgment, on July 29, 2016 the Fifth Circuit Court of Appeals held that under the terms of a commercial crime policy, proof of a forgery by the insured’s employee in...more
In the fast-developing world of cyber threats and corresponding cyber coverage, at least two insurance carriers are pushing back against covering losses arising out the transfer of funds to cyber fraudsters after employees...more