Panel Says Insurance Covers Theft by Armored Car Executive
Alan Lyons is quoted in the New York Law Journal article "Panel Says Insurance Covers Theft by Armored Car Executives," which notes a unanimous New York State Appellate Division, First Department ruling in favor of Herrick client Metropolitan Commercial Bank, and the bank's CashZone subsidiary. The First Department, reversing a prior Manhattan Supreme Court decision, ruled that the "in transit" clause of Metropolitan Commercial Bank and CashZone's insurance policy covering cash being transported in armored cars also covers theft by the armored car company's executives while the money was in their vault as part of the contracted-for delivery process. Alan is quoted as saying, "The decision confirms New York courts' broad interpretation of 'in transit' clauses, in contrast to other states like California that have narrowly interpreted those clauses."