The faulty “cash disposal” – The scope of the specie insurance

Monday, August 15, 2011 Veröffentlichungen

Article by Christian Drave in Versicherungspraxis 8/2011 

In spring 2006, the HEROS-group filed for insolvency. It had been considered market leader in the field of cash transport (Geld- und Werttransporte “GWT”). For years, leading employees had concealed liquidity gaps. By means of a pyramid scheme, they used the customers’ money to clear existing deficiencies of other customers. The resulting liquidity gaps were covered by the cash disposal of the following days.

In several proceedings, damaged parties claimed against the GWT-insurers. In the meantime, the first BGH decision is available. The BGH had the possibility to comment on the term and scope of the insured event in the specie insurance.

The BGH came to the result that under the GWT-insurance no coverage protection could be assumed. A decision worth critical review.


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