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Elaborate Jewelry Heist Results in No Coverage for Jewelry Store's Loss Under Dishonest Entrustment Exclusion | Cozen O'Connor

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The Appellate Division of the Supreme Court of New York has provided some clarity to New York businesses and their insurers dealing with loss resulting from fraudulent entrustment. In
Crown Jewels Estate Jewelry, Inc. v. Underwriters At Interest At Lloyd’s London, Case No. 2020-04312 (N.Y. App. Div. May 13, 2021), the court held that coverage under a dishonest entrustment exclusion was properly denied where an individual fraudulently convinced a high end jewelry store to let him borrow five pieces of jewelry.
In a Scorsese-like plot, Paul Castellana, the plaintiff, emailed Crown Jewels Estate Jewelry, a high-end jeweler, saying he worked for Sony Pictures International and asked to borrow jewelry for a video he said he was shooting with Jennifer Lopez. After Crown Jewels agreed to lend Castellana five pieces of jewelry worth $2.09 million, it received a certificate of insurance. A reference also confirmed ....

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Mob Con Artist in Prison, But No Insurance Payout for Jewelry Store

Mob Con Artist in Prison, But No Insurance Payout for Jewelry Store
claimsjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from claimsjournal.com Daily Mail and Mail on Sunday newspapers.

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Insurer Freed Of $2M Jewelry Loss To Mobster's Fake J.Lo Vid

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Insurer Freed Of $2M Jewelry Loss To Mobster s Fake J.Lo Vid
Law360 (May 13, 2021, 10:14 PM EDT) A New York appeals court held on Thursday that Lloyd s of London underwriters do not have to cover a jeweler s loss of $2 million in a plot orchestrated from prison by a Gambino crime family figure posing as a Sony Pictures representative renting the jewelry for a Jennifer Lopez video shoot.
The three-justice panel ruled that the plain language of the policy that Crown Jewels Estate Jewelry, Inc. had with Lloyd s includes a dishonest entrustment exclusion for theft by a person to whom the jewelry was entrusted. ....

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