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HOFCO, INC. v. NATIONAL UNION FIRE INS.

90-1801.

482 N.W.2d 397 (1992)

HOFCO, INC., Appellant, v. NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA., Appellee.

Supreme Court of Iowa.

Rehearing Denied April 17, 1992.

Attorney(s) appearing for the Case

Thomas W. Andrews of Dickinson, Throckmorton, Parker, Mannheimer & Raife, Des Moines, for appellant.

W. Don Brittin, Jr. and Hayward L. Draper of Nyemaster, Goode, McLaughlin, Voigts, West, Hansell & O'Brien, P.C., Des Moines, for appellee.

Considered by HARRIS, P.J., and LARSON, LAVORATO, NEUMAN, and ANDREASEN, JJ.

LAVORATO, Justice.

The issue here is whether a liability insurance policy covers an excise tax levied against an employer because of a transaction between the employer and its employee profit sharing plan and trust. Because we think the "tax" is a penalty and therefore not a loss as defined by the policy, we affirm the district court's grant of summary judgment to the insurer.

I. Factual Background.

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