Court Upholds Insurers’ Denial of $6M Crime Claim for Phishing Loss

Andrew G. Simpson reports:

Real estate software maker RealPage has been denied a $6 million computer crime insurance coverage claim because the stolen funds were not in its possession but were instead being held by a payment processing firm at the time of a phishing scheme.

National Union Fire Insurance Co. (a unit of American International Group-AIG) and Beazley Insurance Co., insurers for RealPage, won dismissal of all claims against them in an opinion by Judge Jane J. Boyle of the U.S. District Court in Dallas.

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