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Dusty wine bottles on a rack The appellate court acknowledged that the insured had suffered a financial loss, but it found that there had been no loss to his covered property — that is, the wine that had been purchased and insured. (Photo: Shutterstock)

This story is reprinted with permission from FC&&S Legal, the industry’s only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe.

An appellate court in California has ruled that a vintage wine collector’s insurance company did not have to cover the loss he suffered when he purchased close to $18 million in counterfeit wine.

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