The Eighth Circuit has affirmed that an AIG affiliate must cover the full $32 million loss stemming from an employee’s embezzlement scheme. The court found that not only was National Union Fire Insurance Company of Pittsburgh (“National Union”) liable for the $3 million the employee actually stole, but that the plain language of the commercial crime policy also required coverage for the $29 million in excess costs her scheme caused Cargill to endure.

Continue Reading Eighth Circuit Confirms Breadth of Commercial Crime Policy Includes Loss from Actual and Implied Takings