Burt v. Travelers Insurance

The Browns sue Travelers Commercial Insurance because the company would not allow them to file a claim under their homeowners insurance policy for cryptocurrency that was stolen from their Coinbase account. The insurance policy only covered “direct physical loss to property,” and the court found that the stolen cryptocurrency was not a direct physical loss.

California State Court held that cryptocurrency is not a physical loss under an insurance policy, which covers for loss of personal property.

3:22-cv-03157