From the high market cap Bitcoin, Ether, Ripple, and Litecoin, to the quirky Fonziecoin, Selfiecoin, Pizzacoin, and (thank you, Dennis Rodman) Pot Coin, we have all been blasted by news of crypto and blockchain, and tales of kids in their parents’ basements getting rich off this new wonder that many of us struggle to understand. But what we might not have heard of, or thought about, is potential insurance coverage under a homeowner’s insurance policy in the event of theft of this “alt” currency. On September 25, 2018, a Columbus, Ohio trial court judge denied an insurer’s motion for judgment on the pleadings on the grounds that its assessment of Bitcoin as “money” subject to a $200.00 sublimit under a…
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Crypto Covered Under Homeowner’s Policy? Ohio Trial Court Holds Coverage and Bad Faith Claims for Bitcoin Theft Survive Motion for Judgment on the Pleadings
Tagged with: bad faith, Bitcoin, Blockchain, Coverage, Cryptocurrency, homeowners, insurance, Money, Ohio, Sublimit, Theft
Posted in Bad Faith
Posted in Bad Faith
Bad Faith Claims Cannot Be Based Solely On Breach Of Contract And Must Allege More Than Conclusory Allegations
In Merrill v. State Farm Fire and Cas. Co., 2013 WL 588515 (W.D.Pa., Feb 13, 2013), the U.S. District Court for the Western District of Pennsylvania dismissed the insured’s common law bad faith claim because it was based solely on breach of the insurance policy and the insured’s statutory bad faith claim because the conclusory allegations were devoid of any facts and could not survive a motion to dismiss. State Farm found only minor damage to a pipe in the home and estimated $319.45 for repairs, which was below the homeowners’ $500.00 deductible. The homeowners retained a public adjuster who found damages to be $22,647.00, but their proof of loss did not set forth details and merely stated the origin…
