Applying New Jersey law, the United States District Court for the District of New Jersey has held that a conversion exclusion bars coverage under a professional liability policy for multiple claims against an insured title company following a third-party wire fraud that left the title company with insufficient funds to make necessary customer payments in connection with real estate closings. ABL Title Ins. Agency v. Maxum Indem. Co., 2022 WL 986271 (D.N.J. Mar. 31, 2022).
Subscribe to receive the latest updates from Wiley Executive Summary