December 20, 2014 11:32 AM ET

Insurance

Company Overview of Progressive Casualty Insurance Company

Company Overview

Progressive Casualty Insurance Company provides motorcycle policies and commercial auto insurance products in the United States. It offers motorcycle, recreational vehicle, boat/personal watercraft, homeowners, Segway, umbrella, health, life, pet, collector car, snowmobile, condo, and renter’s insurance products, as well as identity theft protection products. The company sells its products through independent insurance agents. It also provides its products online and by phone. The company was founded in 1937 and is based in Mayfield Village, Ohio. Progressive Casualty Insurance Company operates as a subsidiary of Drive Insurance Holdings, Inc.

6300 Wilson Mills Road

Mayfield Village, OH 44143-2182

United States

Founded in 1937

Phone:

440-461-5000

Fax:

440-446-4092

Key Executives for Progressive Casualty Insurance Company

Chairman of the Board
Age: 59
Chief Financial Officer
Age: 55
President of Commercial Lines Group
Age: 55
President of Personal Lines Group
Age: 50
Chief Claims Officer
Compensation as of Fiscal Year 2014.

Progressive Casualty Insurance Company Key Developments

Progressive Casualty Insurance Co. Refuses to Pay Seaway Community Bank Insured for Losses

Seaway Community Bank bought a financial institutions/blanket bond from Progressive Casualty Insurance Co. The bond provided coverage for losses caused by forged checks. However, the bond excluded coverage for checks that were not "finally paid." A Seaway customer deposited three checks, made payable to him through a Canadian bank, into his Seaway account. However, unbeknownst to Seaway, the checks had been fraudulently altered. The Canadian bank, the payor of the checks, returned the three checks to Seaway and the provisional credits were reversed. Seaway notified Progressive of the loss, and, in February 2010, submitted a proof of claim to Progressive. Progressive denied the claim based on exclusion of the bond agreement, claiming that the checks were not "finally paid" because checks from Canadian banks are provisional and subject to reversal-i.e., not "finally paid." Seaway sued Progressive for coverage. The district court granted Seaway's motion for judgment on the pleadings and denied Progressive's motion for judgment on the pleadings. Progressive appealed. The Sixth Circuit affirmed the district court's judgment. Under Michigan law, which applied in this diversity action, courts must construe ambiguous exclusionary clauses strictly in favor of the insured. Exclusion of the bond agreement stated that Progressive did not have to compensate Seaway for a loss resulting from checks that were not "finally paid," but exclusion did not specify that checks drawn upon Canadian banks were excluded.

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