Verticalnet, Inc. v. U.S. Specialty Insurance

MEMORANDUM

DALZELL, District Judge.

Vertiealnet, Inc. here sues its former insurer, U.S. Specialty Insurance Co., for coverage on an underlying lawsuit. Before us now are the parties’ cross-motions for summary judgment as to the first count of Verticalnet’s three count complaint.

I. Facts

A. The Insurance Policy

Vertiealnet, Inc. purchased from U.S. Specialty Insurance Co. a Directors, Officers and Corporate Liability Insurance Policy (the “Policy”), effective from February 11, 2004 to February 11, 2005. Jt. Stip. of Facts (“Stip.”) ¶ 2, Ex. F Policy. In relevant part, the Policy provides that:

(A)…