K BELL & ASSOCIATES INC V LLOYD’S UNDERWRITERS

(1997) 6 Re LR 361

United States Court of Appeals Second Circuit

Before Circuit Judge Mahoney, Circuit Judge Walker and Circuit Judge Calabresi

Professional indemnity - Insurance broker - New York - Exclusion - Commingling of monies or accounts - Summary judgment against broker on clients claims for unremitted premiums and recoverables - Brokers claim for indemnity under professional indemnity policy denied - Whether brokers claim excluded under policy - Whether state court based its decision on brokers failure to forward premiums and remit reinsurance recoverables or brokers inability to locate and produce its financial records - Whether exclusion ambiguous.