Madoff Victims Lose Bid For Homeowners Policy Coverage

Law360, New York (December 14, 2012, 3:47 PM EST) -- A New Jersey appeals court on Friday shot down investors' claims that, based on the terms of their homeowners insurance policies, Chubb Insurance Co. of New Jersey and other carriers should make them whole for losses stemming from Bernard L. Madoff's massive Ponzi scheme.

The plaintiffs in the case had tried to characterize the investments as having been accounts located in a bank vault or bank safe deposit box, which would have triggered full coverage to the maximum available under their policies for contents loss....
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