Lloyd's Must Cover ATM Co.'s $16M Theft, Texas Court Says

Law360, Los Angeles (March 11, 2014, 3:25 PM EDT) -- A Texas appeals court on Tuesday rejected Lloyd’s of London’s objections to a Cardtronics Inc. suit over insurance coverage for a $16 million theft, ruling that Cardtronics was not required to pursue the armored truck company that ripped it off before suing Lloyd’s.

Writing for a unanimous panel, First District Court of Appeals Justice Harvey G. Brown affirmed a lower court’s decision, finding that ATM company Cardtronics’ claim is immediately payable, and remanded the case back to trial court.

Lloyd’s had argued that Cardtronics’ insurance coverage...
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