Eglin National Bank v. Home Indemnity Co.

RONEY, Circuit Judge:

The sole issue in this Florida diversity case involves the interplay between a banker’s blanket bond and a directors and officers liability insurance policy. The banker’s bond provides coverage for losses caused by an employee’s “dishonest or fraudulent” *1283acts. The directors and officers liability policy excludes claims for “active and deliberate dishonesty committed . . . with actual dishonest purpose and intent.” The district court ruled that the exclusion in the liability policy is co-extensive with the coverage provided by the banker’s blanket bond so that, as a matter…