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Justice Tanenbaum Click here to see Judicial Profile http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=121136 PLAINTIFFS sought summary judgment against defendant insurer, who cross-moved for summary judgment dismissing plaintiffs’ complaint. Defendant issued a homeowner’s insurance policy for plaintiffs’ premises in 2005. Plaintiffs deposited over $2 million in Bernard Madoff’s investment company in 2005 and had a balance of just over $1 million in 2008. Plaintiffs filed a claim with defendant alleging their investment loss was covered under the policy. Defendant disclaimed coverage, saying the policy did not cover the investments. Plaintiffs argued the policy exclusions did not apply to the losses they sustained, claiming the language provided coverage for loss of tangible personal property, including securities and for loss resulting from theft or unauthorized use of an electronic transfer. The court denied plaintiffs’ summary judgment for breach of contract, stating plaintiffs failed to submit relevant, admissible proof of loss that could arguably be reimbursed under the policy. Further, wire transfers from plaintiffs to the investment account were authorized, thus no viable claims existed against the insurer under the policy. Hence, defendant’s cross-motion was granted and plaintiffs’ motion denied.

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