Community Savings Bank v. Federal Insurance

MEMORANDUM OPINION AND ORDER

SQUATRITO, District Judge.

The plaintiff in this action, Community Savings Bank (“CSB”), alleges that the defendant, Federal Insurance Company (“Federal”), breached its insurance contract, specifically a Financial Institution Bond Form A, and also breached an implied covenant of good faith and fair dealing. The defendant has moved for summary judgment claiming, among other things, that the plaintiffs losses are not covered under the parties’ contract, and even if these losses would be covered, they are excluded under the contract because CSB had knowledge that its…