Insurer Tells Texas Justices Gold Coin Theft Not Covered

Law360 (June 8, 2021, 7:50 PM EDT) -- The Underwriters at Lloyd's of London has urged the Texas Supreme Court to rule that it does not need to cover a gold retailer's nearly $1.2 million losses after a cybercriminal used forged checks to steal two gold coin shipments, saying the policy's invalid payment exclusion applies.

On Monday, Underwriters asked the state high court to find that UPS' alleged shipping error by not checking the criminal's identity when handing them the shipments was not a separate event from the criminal's fraudulent payment of the packages.

"The fraudulent payment was the triggering event of the loss, and other events were related...

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