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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