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DEL-VAL FIN. CORP. v. FED. INS. CO.

193 A.D.2d 544 (1993)

598 N.Y.S.2d 197

Del-Val Financial Corporation et al., Respondents, v. Federal Insurance Company et al., Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

May 25, 1993

Plaintiff Del-Val Financial Corporation, a publicly traded real estate investment trust, and its manager, plaintiff Kenbee Management, purchased insurance from defendant Federal Insurance Company. Among the protection acquired was a directors' and officers' liability policy, a commercial general liability policy and excess coverage. In October of 1989, after many years of distributing monthly dividends, Del-Val ceased making any payments, and its stock declined precipitously...

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