We Were Hacked and My Employee Wired Money to a Third Party.

Am I Covered By My Insurance Policy?
(Part 2)

By: Michael Perlmuter, J.D.  (Chief Executive Officer and General Counsel)
Alex N. Sill Company, LLC
North America’s Leading Public Adjuster and Loss Consultant

My last BLOG, published in January 2019, addressed the above question: Does a company have coverage if, under false pretenses, an unsuspecting employee wires funds to a third party? The BLOG was well read and obviously the topic remains of significant interest based on the number of lookalike cases triggering lawsuits and the inconsistency in court rulings.

I didn’t plan on penning a second article about the issue of insurer’s responsibility with claims…

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Will Business Insurance Cover Hackers and Fraudulent Schemes?

Will Insurance Cover Your Business Loss If an Unsuspecting Employee Follows a Hacker’s Fraudulent Scheme and Wires Company Funds to a Third Party?

By Michael C. Perlmuter, JD
President and General Counsel of the Alex N. Sill Company, LLC

I was hacked! Figuratively, that is, my computer and not physically. Hard to tell which is a worse fate.

In pre-computer days, one of our worst nightmares was getting held up for our wallets. It was our “money or our lives.” Usually, the perps wanted our cash and credit cards. Assuming we were not physically harmed, this was a nightmare with “limitations.” All we…

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