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K2 INV. GROUP v. AM. GUAR.

No. 106

21 N.Y.3d 384 (2013)

993 N.E.2d 1249

971 N.Y.S.2d 229

2013 NY Slip Op 4270

K2 INVESTMENT GROUP, LLC, et al., Respondents-Appellants, v. AMERICAN GUARANTEE & LIABILITY INSURANCE COMPANY, Appellant-Respondent.

Court of Appeals of New York.

Decided June 11, 2013.

Attorney(s) appearing for the Case

Coughlin Duffy LLP, New York City ( Robert J. Kelly and Michael S. Chuven of counsel), and Steinberg & Cavaliere, LLP, White Plains, for appellant-respondent.

Law Offices of Michael A. Haskel , Mineola ( Michael A. Haskel , Susan Haskel and Brandon M. Zlotnick of counsel), for respondents-appellants.

Chief Judge LIPPMAN and Judges GRAFFEO, READ, PIGOTT and RIVERA concur; Judge ABDUS-SALAAM taking no part.

OPINION OF THE COURT

SMITH, J.

We hold that, when a liability insurer has breached its duty to defend its insured, the insurer may not later rely on policy exclusions to escape its duty to indemnify the insured for a judgment against him.

I

Plaintiffs are two limited liability companies that made loans totaling $2.83 million to a third such company, Goldan, LLC. The loans were to be secured...

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