Tactical Stop-Loss, LLC, et al. v. Travelers Casualty and Surety Co., No. 10-2787 (8th Cir. 2011)
Annotate this CasePlaintiffs commenced a diversity action against defendant, asserting claims for breach of the insurance contract and for vexatious refusal to pay. Applying Missouri law, the district court granted defendant summary judgment, concluding that the insurance policy at issue unambiguously excluded losses caused by plaintiffs' CEO, a shareholder, and by plaintiffs' COO, a non-shareholder, acting in collusion with the CEO. The court affirmed and held that the Officer-Shareholder exclusion was consistent with Missouri public policy, and in the alternative, the Officer-Shareholder exclusion was unambiguous and excluded plaintiffs' claim.
Court Description: Civil case - Insurance. District court did not err in finding the policy in question did not cover plaintiff's claim for loss cause by dishonest acts performed by an employee acting in collusion with an excluded employee/share-holder.
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