Aug. 15, 2022, 6:42 PM
- CEO tricked into wiring $600,000 to fraudster
- Incident falls under policy that only covers $100,000
An insurance company won’t have to cover SJ Computers LLC’s losses arising out of a fraud scheme that cost the Minnesota-based store $600,000, after a federal judge ruled that the claims fall under a policy that only covers up to $100,000.
SJ Computers sued Travelers Casualty and Surety Co. of America, claiming that it breached its insurance contract by refusing to cover nearly $600,000 that the company’s CEO wias tricked into wiring to a still unidentified fraudster.
SJ Computers submitted its claims under a policy that covers social-engineering fraud claims, and then backtracked when it learned that the policy only …
Samantha Hawkins
Legal Reporter
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