Partnership Umbrella, Inc. v. Federal Insurance

This appeal concerns the disputed interpretation of the insuring clauses of an executive liability and indemnification policy. The insurance company instituted the litigation as a declaratory judgment action. The policy-owner counterclaimed for breach of contract. The parties stipulated that a determination by the trial court unfavorable to the policy-owner on two questions of law concerning the insuring clauses would result in an agreed dismissal of the policy-owner’s counterclaim and entry of final judgment for the insurance company. Accordingly, under this unusual procedural posture, the…