Insurer Must Cover Sherwin-Williams Ex-Worker's $3.5M Theft

Law360 (July 24, 2020, 5:14 PM EDT) -- A Minnesota federal judge has said Beazley Insurance Co. must face Sherwin-Williams Co.'s suit seeking coverage for losses sustained when a former employee stole $3.5 million through inflated invoices, holding the paint company's policy exclusions do not apply.

U.S. District Judge Donovan W. Frank said Thursday that Sherwin-Williams has demonstrated the alleged misconduct of its former employee should be covered by its crime insurance policy issued by Beazley. The insurer failed to show that any of its policy exclusions preclude coverage in this suit, the judge said.

The insurance dispute involves a former employee, Charles Cunningham, of The Valspar Corporation, a...

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