ACE American Insurance Company v. Guaranteed Rate, Inc.

CourtSupreme Court of Delaware
DecidedSeptember 14, 2023
Docket360, 2022
StatusPublished

This text of ACE American Insurance Company v. Guaranteed Rate, Inc. (ACE American Insurance Company v. Guaranteed Rate, Inc.) is published on Counsel Stack Legal Research, covering Supreme Court of Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
ACE American Insurance Company v. Guaranteed Rate, Inc., (Del. 2023).

Opinion

IN THE SUPREME COURT OF THE STATE OF DELAWARE

ACE AMERICAN INSURANCE § COMPANY, § § No. 360, 2022 Defendant Below, § Appellant and Cross Appellee, § Court Below: Superior Court § of the State of Delaware v. § § C.A. No. N20C-04-268 GUARANTEED RATE, INC., § § Plaintiff Below, § Appellee and Cross Appellant. §

Submitted: June 28, 2023 Decided: September 14, 2023

Before SEITZ, Chief Justice; TRAYNOR and GRIFFITHS, Justices.

Upon appeal from the Superior Court. AFFIRMED.

John L. Reed, Esquire (argued), DLA PIPER LLP (US), Wilmington, Delaware; David Newmann, Esquire, Courtney Devon Taylor, Esquire, Victoria A. Joseph, Esquire, Brittany Armour, Esquire, HOGAN LOVELLS US LLP, Philadelphia, Pennsylvania; Robert J. Katzenstein, Esquire, SMITH KATZENSTEIN & JENKINS LLP, Wilmington, Delaware, for Defendant Below, Appellant and Cross Appellee ACE American Insurance Company.

Thomas E. Hanson, Jr., Esquire, William J. Burton, Esquire, BARNES & THORNBURG LLP, Wilmington, Delaware; Lilit Asadourian, Esquire (argued), Alice Kyureghian, Esquire, BARNES & THORNBURG LLP, Los Angeles, California; Aaron D. Lindstrom, Esquire, BARNES & THORNBURG LLP, Grand Rapids, Michigan, for Plaintiff Below, Appellee and Cross Appellant Guaranteed Rate, Inc. SEITZ, Chief Justice:

Management liability insurance policies provide insurance coverage for a

variety of risks associated with running and managing a business. Professional

liability policies cover specific risks for businesses that provide professional

services. Guaranteed Rate, Inc., a mortgage lender, purchased both types of

policies from ACE American Insurance Company. It sought coverage under the

policies for an investigation and eventual settlement of claims brought by the

federal government under the False Claims Act.

ACE denied coverage under both policies. According to ACE, the

Professional Liability Policy expressly excluded False Claims Act charges. ACE

also contended that the False Claims Act charges arose from Guaranteed Rate’s

professional services, which were excluded under the Management Liability

Policy. Only the Management Liability Policy is at issue in this appeal.

In Guaranteed Rate’s suit against ACE, the Superior Court held that the

False Claims Act investigation and settlement did not arise out of Guaranteed

Rate’s professional services. Instead, it arose out of false certifications made to

the government. Thus, the Management Liability Policy covered the loss. We

agree with the Superior Court and affirm its judgment, including its disposition

of the claims raised on cross-appeal.

2 I.

A.

Guaranteed Rate, Inc. (“GRI”) underwrites and issues loans to borrowers.

GRI is an approved lender in the federal government’s Direct Endorsement (“DE”)

mortgage insurance program. As an approved lender, GRI can endorse single-family

residential mortgage loans for insurance and guaranty by the Federal Housing

Administration (“FHA”) and the United States Department of Veterans Affairs

(“VA”). 1 Under the DE program, approved lenders like GRI certify to the

government that each loan and the lender’s loan program meet FHA and VA

program rules. 2 If a mortgage loan is endorsed by an approved lender and the

borrower defaults, the lender can submit a claim to the government to cover certain

losses from the default.3

In 2017, a former GRI employee brought a qui tam action against GRI. The

plaintiff, or relator in qui tam parlance, alleged that GRI violated the False Claims

Act by falsely certifying to the government that the loans it endorsed were eligible

for government insurance. The former GRI employee also claimed that GRI falsely

certified that it complied with all lending requirements.4 Under the False Claims

1 App. to Opening Br. at A00208 (Settlement agreement) [hereafter “A__”]. 2 Id; A00217–18 (Relator’s complaint). 3 A00208. 4 A00219–20 (complaint). The former GRI employee alleged that GRI falsely represented: it was not paying commissions to employees performing underwriting services, A00250; it was not pressuring employees to endorse bad loans, A00255; it did not have a policy allowing management

3 Act, a party is civilly liable if it “knowingly presents, or causes to be presented, a

false or fraudulent claim for payment or approval” or “knowingly makes, uses, or

causes to be made or used, a false record or statement material to a false or fraudulent

claim.”5

On June 22, 2019, the U.S. Attorney’s Office for the Northern District of New

York and the U.S. Department of Justice issued a civil investigative demand (“CID”)

to GRI. The government notified GRI that it was investigating it for FCA violations.

According to the government, “[t]he investigation concern[ed] allegations that [GRI]

violated the Act by originating and underwriting federally-insured mortgage loans

that failed to meet applicable quality-control requirements.”6

B.

On July 8, 2019, GRI notified ACE that it received the CID.7 ACE is part of

the Chubb Group and has been referred to as “Chubb” in this litigation.8 As noted

to override government requirements, A00263; employees performing underwriting functions were not being managed by mortgage origination activities, A00271; it was not manipulating variables in order to endorse FHA loans for unqualified buyers, A00272; and it properly calculated and verified borrowers’ financials in approving government-insured loans, A00276, A00280, A00281, A00284. The relator also alleged that GRI failed to maintain an adequate quality control program. A00287. 5 31 U.S.C. § 3729(a)(1)(A)-(B). 6 A00421 (CID). 7 A01782. 8 A00123 (Amended complaint).

4 above, GRI purchased two insurance policies from ACE – a Management Liability

Policy and a Miscellaneous Professional Liability Policy.9

Under the Management Liability Policy, ACE agreed to insure “the Loss . . .

which [GRI] becomes legally obligated to pay by reason of a Claim . . . for any

Wrongful Acts.” 10 Relevant here, “Loss” includes “settlements and Defense

Costs;” 11 “Claim” includes “a civil, administrative or regulatory investigation

against the Insured;” 12 and “Wrongful Acts” include “any error, misstatement,

misleading statement, act, omission, neglect, or breach of duty actually or allegedly

committed by” GRI.13

Under the Management Liability Policy, ACE is not liable for a Loss from

any Claim “alleging, based upon, arising out of, or attributable to any Insured’s

rendering or failure to render professional services.”14 The Policy does not define

professional services. The Policy covers up to $5 million of liability, subject to a

$2.5 million self-insured retention. 15 The Professional Liability Policy defines

professional services as “mortgage banking and mortgage underwriting services and

9 Opening Br. at 7-8; A01295 (ACE’s letter on December 31, 2019). 10 A00327 (Management Liability Insurance). 11 A00354–55. 12 A00353. 13 A00331–32. 14 A00357. 15 A00325.

5 loan servicing for others for a fee.”16 That Policy expressly excludes coverage for

any Claim arising out of the False Claims Act.17

C.

ACE acknowledged receipt of GRI’s notice but did not respond substantively

until September 2019. In the meantime, GRI supplemented its notice with

information that the government investigation also concerned whether GRI’s

officers or employees violated the False Claims Act.18 In September 2019, ACE

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ACE American Insurance Company v. Guaranteed Rate, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/ace-american-insurance-company-v-guaranteed-rate-inc-del-2023.