Suncorp’s Vero found liable under Marac policy covering misdeeds by employees

Mon, 21 Oct 2013

Oct. 21 (BusinessDesk) – Suncorp Group’s Vero unit has been found liable under a historic insurance policy for Marac Finance that covered dishonest acts by employees. Marac had sued Vero for $1 million, the maximum under its crime insurance policy, after the insurer refused to pay out for losses caused by unauthorised lending by one of its senior managers. In the High Court in Auckland, Justice Patricia Courtney ruled in favour of Marac though stopped short of quantifying the costs to Marac, pending further evidence of agreement from lawyers...

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