Stolen Credit Card Transaction is Uninsurable Business Risk
Our insured is a merchant with commercial crime coverage under CR 00 20 07 02, Commercial Crime Coverage form. A customer paid with what the merchant believed was a valid credit card. The merchant shipped the merchandise, and when the sale showed up on the cardholder's statement, the cardholder claimed that the credit card had been stolen. The merchant is now responsible for refunding the cardholder's money. Is this loss covered under his commercial crime policy?
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