Insurer Ducks Liability For Lending Co.'s Fraud Losses

Law360, New York (August 9, 2012, 7:12 PM EDT) -- A Florida federal judge ruled Thursday that U.S. Fire Insurance Co. does not have to cover losses that an insurance premium lender incurred from an employee's $7 million insurance financing fraud scheme.

U.S. District Judge Robert N. Scola said that a retroactive date rider provision on ABCO Premium Finance Inc.'s policy agreement excludes coverage for any fraudulent acts before April 2009, siding with the U.S. Fire's argument that the fraud scheme, which began in 2007, counted as a single loss that was not incurred in total...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.