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Homeowners Insurance Does Not Cover Cryptocurrency Theft, 4th Circuit Affirms

Insurance Journal

By Andrew Simpson A federal appeals court has affirmed that a homeowners insurance policy does not cover the theft of cryptocurrency because the loss of a digital currency does not involve a “direct physical loss” as required by the policy.

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Homeowners Insurance Does Not Cover Cryptocurrency Theft, 4th Circuit Affirms

Insurance Journal

A federal appeals court has affirmed that a homeowners insurance policy does not cover the theft of cryptocurrency because the loss of a digital currency does not involve a “direct physical loss” as required by the policy. The Fourth Circuit …

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State Farm: Catalytic Converter Thefts Drop 74%

Insurance Journal

For the second year in a row, State Farm auto claims data has revealed a significant drop in catalytic converter theft claims. There was a 74 % drop for the first half of 2024 compared to the same period in …

Theft 277
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California Labor Commissioner Gets $1.7M Settlement in Wingstop Wage Theft Case

Insurance Journal

million wage theft settlement for 550 workers in an alleged scheme in which the owner of multiple Wingstop locations in Bakersfield created separate corporate entities to circumvent labor laws. The California Labor Commissioner’s Office reached a $1.7 The franchisee must …

Theft 292
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Scrap Metal Dealer Pleads Guilty in Multistate Catalytic Converter Theft Conspiracy

Insurance Journal

A scrap metal dealer with a Virginia shop pled guilty this week to theft and tax charges related to his participation in a multi-state catalytic converter theft conspiracy. According to court documents, Theodore Nicholas Papouloglou, 45, used his business, DG …

Theft 264
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Hyundai, Kia Software Upgrades Cut Theft Rates By More Than Half, HLDI Finds

Insurance Journal

Anti-theft software upgrades provided for Hyundai and Kia vehicles regularly targeted by thieves has cut theft rates by more than half, according to new research from the Highway Loss Data Institute. Theft rates of the affected automobiles soared after thieves …

Theft 264
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Court Differentiates Vandalism from Theft in First Party Insurance Policy

The Property Insurance Law Observer

The Court considered whether the Plaintiffs’ loss was caused by theft or vandalism, as neither term was defined in the policy. Plaintiffs argued that the damage was covered under the policy, primarily resulting from theft. Allstate Vehicle & Prop. C22-1174 TSZ, 2023 WL 9000432 (W.D.

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