Kostin v. Pacific Indemnity is a recent federal decision from Connecticut denying insurance coverage that should be of particular interest to those impacted by a Ponzi scheme. In a coverage dispute arising out of the Madoff scandal, the court rejected the policyholder’s argument that Madoff’s misuse of funds constituted “wrongful entry” into her bank account
Trigger for Hurricane and Named Storm Deductibles
Recent damage from Hurricanes Harvey, Irma, and Maria have focused attention on special “named storm” and “hurricane” deductible endorsements found in most property insurance policies issued for coastal areas. Such endorsements typically convert the insured’s deductible from a fixed amount to a percentage of the property value, such as 1, 2, 5, or 10 percent,