Court of Appeal Examines Scope of Insurance Coverage For Loss or Damage To Property
March 7, 2018
Doyle v. Fireman’s Fund Ins. Co.
(G054197, March 7, 2018) ___ Cal.App.5th ___
An insurance carrier issued a “Scheduled Valuable Possessions” insurance policy insuring against direct and accidental loss or damage to valuable personal property, including wine. In Doyle v Fireman’s Fund Insurance Company, the Court of Appeal held the policy did not cover the insured wine collector’s financial loss from purchasing millions of dollars’ worth of what turned out to be counterfeit wine. The court explained that while the collector suffered a financial loss, there was no physical loss or damage to covered property.