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RealPage, Inc. v. National Union Fire Insurance Co. of Pittsburgh, PA.

Court: ND Tx  02/24/2021  No Coverage Under Commercial Crime Policies for Phishing Scheme Losses

A court of the Northern District of Texas granted primary and excess commercial crime policy insurers' motions for summary judgment on all claims against them under commercial crime policies because $10 million phishing scheme was perpetrated against accounts of third-party facilitator of certain sums payable to insureds' clients, and thus funds were not owned or held by insured in order to satisfy coverage requirements under the commercial crime policies.

commercial crime policy, phishing scheme, diversion of funds, property you own, property you hold, motion for summary judgment, two-way bailment, agency relationship

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