Should your crime insurance policy cover computer crimes? Not long ago, both the Second and Sixth Circuit courts of appeal ruled that phishing-related losses are covered. Now, the Eleventh Circuit has also found that phishing losses are covered by a crime policy that includes "fraudulent instructions."
It all happened at an event called "RumFest" in another state. A pair of local night clubs that were sponsoring the event put jumbo-sized, decorative inflatable beach balls in a fountain pond. They were never intended to be used as actual balls but merely to lend ambiance, according to the night clubs.
If your policy requires a "direct physical loss" before a claim will be paid, you will be interested in a recent decision by a federal court in another state. Although the ruling would only be used as persuasive authority, not precedent, in Oklahoma, federal judges here would be likely to see the argument as quite persuasive.
If your insurance claim was denied in bad faith, you could win extra damages in a lawsuit. In addition to the cost of the loss you were claiming, you could be awarded compensation for any other financial losses caused by the bad faith of the insurance company, for emotional distress caused by the misconduct, and for any embarrassment or loss of reputation you suffered due to the improper claim denial. In some cases, you may be eligible for punitive damages, which are meant to punish bad actors.
Insurance companies routinely state that they refuse to pay for costs linked with patients’ rare cancers because recommended treatments are experimental and unproven.
Imagine the following as a business plan model for an insurer.
“We live in a time when even outlandish arguments can sometimes win the day.”
First of all, let’s clarify those acronyms. We are referring to UM and UIM, which are commonly used shorthand designations relevant to automobile insurance coverage. They come into play when a driver involved in an accident lacks sufficient coverage to fully compensate another motorist.
William E. Bennett Jr. has some strong views concerning insurers’ role in the treatment-approval process for patients, and he is not shy about communicating them.
No reasonable person begrudges an insurance company’s efforts to maximize corporate profits, provided it does not compromise an insured’s health in the process.