Key Pacific Mortgage, Inc. v. Industrial Indemnity Co. of Alaska

OPINION

COMPTON, Justice.

Key Pacific Mortgage, Inc. and Key Bank of Alaska (Insureds) appeal from a summary judgment holding that the Errors and Omissions (E & 0) insurance policy each purchased from Industrial Indemnity Company of Alaska (Industrial Indemnity) does not provide coverage for (1) accidental loss of private mortgage insurance or (2) accidental failure to protect an abandoned residence against freeze damage. We affirm the judgment of the superior court.

I. FACTUAL AND PROCEDURAL BACKGROUND

Insureds are related financial institutions in the mortgage loan and servicing business in…