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Third-Party Wire Fraud Triggers Conversion Exclusion Under Professional Liability Policy, Despite No Direct Insured Involvement in Theft of Funds
Third-Party Wire Fraud Triggers Conversion Exclusion Under Professional Liability Policy, Despite No Direct Insured Involvement in Theft of Funds

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). 

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Insured Cannot Amend Complaint to Add Bad Faith Claim Where Coverage Issue is “Debatable”
Insured Cannot Amend Complaint to Add Bad Faith Claim Where Coverage Issue is “Debatable”
Insured v. Insured Exclusion Bars Coverage For Entirety of Suit Brought By Insureds and Non-Insureds
Insured v. Insured Exclusion Bars Coverage For Entirety of Suit Brought By Insureds and Non-Insureds
No Duty to Defend When Demand Letter Received Prior to Policy Period
No Duty to Defend When Demand Letter Received Prior to Policy Period
Court Declines to Dismiss Coverage Litigation Based on Potential Applicability of Prior Notice Exclusion
Court Declines to Dismiss Coverage Litigation Based on Potential Applicability of Prior Notice Exclusion
Excess “Other Insurance” Clause Relieves Insurer of Duty to Contribute to Defense
Excess “Other Insurance” Clause Relieves Insurer of Duty to Contribute to Defense
Delaware Superior Court Reaffirms That Appraisal Action Is Not A Claim For A Wrongful Act Under D&O Policy
Delaware Superior Court Reaffirms That Appraisal Action Is Not A Claim For A Wrongful Act Under D&O Policy
Over $141 Million in Trading Losses for Illegal Trade Deemed “Direct Financial Loss” for “Malicious Act”
Over $141 Million in Trading Losses for Illegal Trade Deemed “Direct Financial Loss” for “Malicious Act”
Failure to Plead Compliance with Condition Precedent Held Fatal to Declaratory Judgment Action
Failure to Plead Compliance with Condition Precedent Held Fatal to Declaratory Judgment Action
No Coverage for Wrongful Termination Claim After Employer Ceased to be an Insured Under D&O Policy
No Coverage for Wrongful Termination Claim After Employer Ceased to be an Insured Under D&O Policy
Wiley Executive Summary

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