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BURNHOPE v. NATIONAL MORTG. EQUITY CORP.

No. 1-90-0143.

567 N.E.2d 356 (1990)

208 Ill. App.3d 426

153 Ill.Dec. 398

Stephen James BURNHOPE, on his own behalf and as representative underwriter on behalf of certain underwriters and syndicates at Lloyds London; and Ennia Insurance Company (U.K.) Ltd; Excess Insurance Company, Ltd.; Federal Insurance Company; Stronghold Insurance Company, Ltd.; The Copenhagen Reinsurance Company (U.K.) Ltd.; Guardian Royal Exchange; General Accident Reinsurance Company, Ltd.; Assicurazioni General, S.A.; Walbrook Insurance Company, Ltd.; Dart and Kraft Insurance Company, Ltd.; El Paso Insurance Company, Ltd.; Louisville Insurance Company, Ltd.; Ludgate Insurance Company, Ltd.; Mutual Reinsurance Company, Ltd.; and Compagnie Europeenne D'Assurances Industrielles S.A., Plaintiffs-Appellees, v. NATIONAL MORTGAGE EQUITY CORPORATION, and David A. Feldman, Defendants-Appellants (Arthur J. Gallagher and Company (Illinois), Defendant).

Appellate Court of Illinois, First District, Fourth Division.

December 27, 1990.

Attorney(s) appearing for the Case

Keck, Mahin & Cate, Chicago (Alexander D. Kerr, Jr. and Michael J. Sreenan, of counsel), for defendants-appellants, Nat. Mortg. Equity Corp.

McCullough, Campbell & Lane, Chicago (Dennis L. Frostic, Steven R. Smith, Robert B. Baker, of counsel), for plaintiffs-appellees.

Justice LINN delivered the opinion of the court:

This action for declaratory judgment was filed by a group of underwriters and insurance companies (collectively referred to as "Lloyd's London" or plaintiffs). They seek a determination that defendants National Mortgage Equity Corporation ("NMEC") and David A. Feldman, NMEC's president and majority shareholder, are not entitled to fidelity insurance coverage pursuant to certain "finance company blanket bonds." Alternatively...

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