European American Bank v. Fulton

OPINION OF THE COURT

Edward J. Greenfield, J.

In this declaratory judgment action seeking a ruling as to the scope of coverage under an insurance contract, defendant, underwriters at Lloyd’s (hereafter Lloyds), move for summary judgment dismissing the complaint. Plaintiff cross-moves for summary judgment in its favor.

Plaintiff bank procured a broad form safe depository certifi*748cate of insurance from the defendant underwriters at Lloyds,' covering it for liability arising out of the loss of customers’ property. Lloyds was obligated to investigate all claims and defend any lawsuit against the bank…