October 24, 2024
The Fourth Circuit upheld a lower court's ruling that an individual's homeowners policy didn't cover his loss of $170,000 in cryptocurrency to an alleged scam, agreeing with a Virginia federal court that the loss didn't constitute a "direct physical loss."
March 27, 2023
An individual's homeowners policy does not cover his loss of cryptocurrency to what he alleged was a scam because the lost cryptocurrency is not a "physical" loss covered by the policy, Lemonade Insurance Co. told the Fourth Circuit.