Corporations Keyed to Hamilton
McCullough v. Fidelity & Deposit Co
Facts
Appellee issued four directors’ and officers’ liability policies to four affiliate banks. The policy covered claims against the insured if the required notice is given to the insurer during the policy period. The banks furnished Appellee with information about their lending activities that described increasing loan losses and delinquencies and the issuance of a cease and desist order by the Office of the Comptroller of the Currency. In response to the increasing loan losses Appellee informed the banks that it would cancel their policies. The banks merged and then became insolvent. Appellant was declared receiver. Appellant sued the banks’ directors and officers for improperly or illegally making, administering, or collecting loans. Appellee denied coverage and this suit followed.
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