Travelers Avoids Coverage For Ex-Tactical Exec's Theft

Law360, New York (July 15, 2010, 5:05 PM EDT) -- A federal judge has ruled Travelers Casualty and Surety Co. of America does not need to cover Tactical Stop-Loss LLC's losses stemming from alleged theft by the company's former president because of an officer-shareholder exclusion under its crime policy.

Judge Fernando J. Gaitan Jr. of the U.S. District Court for the Western District of Missouri granted Travelers' motion for summary judgment Wednesday. The crime policy covered losses caused by employee theft discovered by the insured between January 2007 and January 2008, but excluded coverage for fraudulent...
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