Texas Justices Mull Policy Wording In Gold Coin Theft Case

By Michelle Casady (September 30, 2021, 8:49 PM EDT) -- The Texas Supreme Court questioned the meaning of the phrase "consequent upon" during oral arguments in an insurance coverage dispute Thursday, trying to determine whether a gold retailer's losses resulted from its acceptance of fraudulent checks, and whether alleged shipping errors were an independent, covered reason for the losses.

In April, the Texas Supreme Court accepted two certified questions from the Fifth Circuit and agreed to consider whether retailer Dillon Gage's losses were caused when it handed over gold coin shipments in exchange for fraudulent checks, triggering an insurance policy exclusion, and, if so, whether errors by United Parcel Service were an independent,...

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