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Ironshore Indemnity, Inc., the loss resulted from a “sophisticated phishing scheme” where a scammer posed as an executive of Principle and persuaded an employee to wire the money to a foreign bank account. [read post]
17 Nov 2016, 4:38 pm by Kevin LaCroix
Ironshore Indemnity, Inc., the court held that the applicable insuring clause in the commercial crime policy was ambiguous or subject to two interpretations regarding whether a fabricated email from a purported employee, together with wire instructions from a third-party, was covered under the policy.[3]   In that case, Principle’s controller received an email purportedly from Josh Nazarian, one of Principle’s managing directors instructing the controller… [read post]