St. Paul Fire and Marine Insurance Company v. Branch Bank and Trust Company

K.K. HALL, Circuit Judge:

St. Paul Fire and Marine Insurance Company (“St. Paul”) appeals from the district court’s order granting the defendant’s motion for summary judgment in this diversity action. We affirm.

I

In April of 1982, St. Paul, an insurance company incorporated in Minnesota, issued a Banker’s Blanket Bond insuring Branch Banking and Trust Company (“BB & T”), a bank incorporated in North Carolina. Pursuant to insuring clause (A) of that contract, St. Paul agreed to indemnify BB & T for any “[l]oss resulting directly from dishonest or fraudulent acts of an Employee committed alone or…