Court ruled on a claim by an insured, Coop Fédérée, against two of its insurers for a loss caused by a phishing scheme which led to a fraudulent transfer of $4.9 million in August 2014. The question is if the insurance policy was “specific” for the risk of phishing fraud since the policy specifically covered fraud and embezzlement.
Interrelation between insurance policies covering the same loss
On December 14, 2016, the Quebec Superior Court handed down a judgement on a legal issue which has not come up often in Quebec case law, that of determining what legal framework applies to the relationship between two property insurers covering the same risk. This decision is very interesting since it provides useful information about the factors which guide the courts in determining whether a policy is specific or general. It also sheds some light on the interrelation between insurance policies covering the same loss.
Read more about the decision in court at Mondaq.
This article is summarized by Canadian Fraud News Inc.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.