American International Speciality Lines Insurance v. National Ass'n of Business Owners & Professionals
This case involves interpleader actions brought by American International Specialty Lines Insurance Company (AISLIC) and National Union Fire Insurance Company of Pittsburgh, PA., to resolve multiple claims against insurance policies issued to the National Association of Business Owners & Professionals (NABOP). The core dispute centered on the interpretation of Endorsement #4 of the AISLIC policy, specifically determining whether a $1,000,000 or $3,000,000 aggregate limit of liability applied to claims based on the date of the "Wrongful Act." The court found Endorsement #4 to be unambiguous, clarifying that a $1,000,000 limit applied to wrongful acts occurring before July 10, 1998, while a $3,000,000 limit applied to those occurring on or after that date. Based on this interpretation and an evaluation of the asserted claims, the court approved a combined settlement of $1,000,000 as fair, adequate, and reasonable.