Shared-Interest Management, Inc. v. CNA Financial Insurance Group

OPINION OF THE COURT

Mercure, J. P.

Plaintiff had in effect a renewal commercial crime insurance policy issued by defendant Firemen’s Insurance Company of Newark, New Jersey, a subsidiary of defendant Continental Insurance Company, for the period June 8, 1993 to June 8, 1996 (hereinafter the Continental policy period) and, following Continental’s merger with defendant CNA Financial Insurance Group, for the period June 8, 1996 to June 8, 1999 (hereinafter the CNA policy period). Notably, the policy’s Employee Dishonesty Coverage Form provides:

“B. LIMIT OF INSURANCE

“The most we will pay for loss…