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IN RE MINOCO GROUP OF COMPANIES, LTD.

No. 84-6592.

799 F.2d 517 (1986)

In re The MINOCO GROUP OF COMPANIES, LTD., a Delaware Corporation, The MINOCO GROUP OF COMPANIES, LTD., a Delaware Corporation and Minoco Southern Corporation, a Nevada Corporation, Plaintiffs/Appellees, v. FIRST STATE UNDERWRITERS AGENCY OF NEW ENGLAND REINSURANCE CORPORATION, and First State Insurance Company, Defendants/Appellants.

United States Court of Appeals, Ninth Circuit.

Decided September 9, 1986.

Attorney(s) appearing for the Case

Thomas Walper, Stroock, Stroock & Lavan, Los Angeles, Cal., for plaintiffs/appellees.

Erwin E. Adler, Richards, Watson, Dreyfuss & Gershon, Los Angeles, Cal., for defendants/appellants.

Before ANDERSON and NORRIS, Circuit Judges, and COPPLE, District Judge

NORRIS, Circuit Judge:

Appellants First State Underwriters Agency of New England and First State Insurance Company (collectively, "First State") are affiliated insurance companies that issued prepaid excess officers and directors liability policies to The Minoco Group of Companies ("Minoco"). The policies provided coverage only for "claims made" from November 24, 1982, through July 1, 1984, but permitted either party to cancel the policies at any time upon thirty...

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