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Repeat Embezzlement Counted As Single Theft

NEW ORLEANS (CN) - The 5th Circuit limited the losses that Madison Materials could claim under an insurance policy protecting against employee theft after an employee repeatedly embezzled money from the company for a total loss of almost $1.5 million.

St. Paul Fire & Marine Insurance was liable for only one "occurrence" of theft for the ongoing embezzlement, the court ruled, because the losses Madison incurred had been caused by a single employee's dishonesty.

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