Lynott v. National Union Fire Insurance

Defendant National Union Fire Insurance Company of Pittsburgh, PA. (National Union) issued a Directors and Officers Liability and Corporation Keimbursement insurance policy with Tacoma Boatbuilding Company (TBC) as the named insured. The limit of liability was $10 million; the 1-year premium was $145,500. The policy was effective from October 1, 1984, to October 1, 1985 (policy period). Clerk’s Papers, at 81.

The individual Plaintiffs herein were directors and/or officers of TBC during the policy period. A lawsuit was brought against a number of Defendants, including individuals who are now…