Missouri Bank and Trust Co. v. OneBeacon Insurance Company

SMITH, Circuit Judge.

OneBeacon Insurance Company (“One-Beacon”) issued a Financial Institution Bond (FIB) to Missouri Bank and Trust Company (“Missouri Bank”) as named insured. In the FIB, OneBeacon agreed to indemnify Missouri Bank for certain losses pursuant to one or more “Insuring Agreements.” After OneBeacon denied cover*945age for a loss that Missouri Bank sustained as a result of a forged wire transfer request, Missouri Bank sued OneBeacon for breach of contract and vexatious refusal to pay. The district court1 granted Missouri Bank’s partial motion for summary judgment on the…