Insurance Not Required to Cover $1.7 Million iPhone Theft

When Berryland Trading, Inc, experienced a theft of $1.7 million worth of iPhones at its warehouse in Doral, Florida, the company turned to Transportation Insurance for coverage. While the policy did not specifically cover the Doral facility, it did cover “newly acquired or constructed property” within the policy period. The lease for the property, however, became effective before the policy period although the company did not acquire the facility until after the policy period began. Check here to see how the court addressed the issue of when a property is considered “newly acquired”.