Insurer Ordered To Pay After Denying $4.8M Claim

 Wednesday, July 26, 2017

 Insurance Business

A New York judge has ordered a Chubb subsidiary to pay a $4.8 million claim to one of its insured, after the insurer wrongly denied the claim. In a summary judgment, New York Southern District Judge Andrew L. Carter, Jr. granted the summary judgment in favor of Medidata Solutions over Federal Insurance, more than two years after the parties’ arguments were first entered in court. Medidata made its claim in September 2014 after its employees were allegedly tricked into wiring $4,770,226 to a fraudster who had posed online as the company’s president. The unknown con artist manipulated the Gmail email system the company used, so that his emails appeared to come from the boss.
LitigationRisk ManagementExcess & Surplus Lines
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