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'A Combination of the Works of Auric Goldfinger and Frank Abagnale': Does Exclusion Apply in $1.2 Million Case of Fraud and Conversion

The Texas Supreme Court has issued a ruling in a case over coverage for the theft of gold coins worth more than $1 million in which fraudulent checks were used to scam a dealer.

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The Texas Supreme Court has issued a proinsurer ruling in a case over coverage for the theft of gold coins worth more than $1 million in which fraudulent checks were used to scam a dealer.  The case is Dillon Gage Inc. v. Certain Underwriters at Lloyds Subscribing to Policy No. EE1701590, No. 21-0312, 2021 Tex. Lexis 1125 (Dec. 3, 2021).

The Texas high court was handed two certified questions by a federal appeals court. In answering those questions, the court said that the policy wording should be interpreted to mean that an exclusion and a sublimit applied and that the alleged negligence of the third party that shipped the goods did not allow for an additional claim.

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