Insurer Fights 5th Circ. Revival Of $6M Phishing Coverage Suit

By Eli Flesch (July 23, 2021, 8:11 PM EDT) -- An AIG unit told the Fifth Circuit on Friday that real estate software company RealPage isn't entitled to coverage for a $6 million loss in a 2018 phishing scam, saying the software company wasn't holding the money when it was stolen.

The National Union Fire Insurance Co. of Pittsburgh asked the appellate court to confirm a lower court's finding that RealPage didn't own or wasn't holding any rental housing funds for another party — a precondition for coverage under its policy.

RealPage merely facilitated the transfer of the stolen money to the property management companies that make up its client base,...

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