Lloyd's Must Cover ATM Co.'s $16M Theft, Texas Court Says

Law360, Los Angeles (March 11, 2014, 3:25 PM EDT) -- A Texas appeals court on Tuesday rejected Lloyd's of London's objections to a Cardtronics Inc. suit over insurance coverage for a $16 million theft, ruling that Cardtronics was not required to pursue the armored truck company that ripped it off before suing Lloyd's.

Writing for a unanimous panel, First District Court of Appeals Justice Harvey G. Brown affirmed a lower court's decision, finding that ATM company Cardtronics' claim is immediately payable, and remanded the case back to trial court.

Lloyd's had argued that Cardtronics' insurance coverage didn't kick in until the company "exhausted" all of its remedies against insurers of defunct...

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