Ripped-Off Check-Cashing Co. Wins Coverage For Loss

Law360, Chicago (March 12, 2014, 7:39 PM EDT) -- A New York appeals court on Tuesday ordered Vigilant Insurance Co. to cover more than $400,000 that a check-cashing agency lost to a criminal embezzlement scheme by its armored car contractor, reversing a lower court’s finding that the loss wasn’t covered under an insurance bond.

In a unanimous decision penned by Judge David B. Saxe, the court found that the “in transit” clause of CashZone Check Cashing Corp.’s insurance bond with Vigilant covered the loss, even though the money was stolen from the armored car company’s...
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