ESSA BANK & TRUST v. TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA

CourtDistrict Court, E.D. Pennsylvania
DecidedApril 4, 2025
Docket2:23-cv-03447
StatusUnknown

This text of ESSA BANK & TRUST v. TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA (ESSA BANK & TRUST v. TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA) is published on Counsel Stack Legal Research, covering District Court, E.D. Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
ESSA BANK & TRUST v. TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, (E.D. Pa. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA

ESSA BANK & TRUST and : ESSA BANCORP, INC., : : Plaintiff, : Civil Action : v. : No. 23-cv-03447 : TRAVELERS CASUALTY AND SURETY : COMPANY OF AMERICA, : : Defendant.

MEMORANDUM J. Younge April 4th, 2025 I. INTRODUCTION Currently before this Court are Defendant Travelers Casualty and Surety Company of America’s Motion for Summary Judgment (ECF No. 26)1 and Plaintiff Essa Bank & Trust, ESSA Bancorp, Inc.’s Motion for Summary Judgment (ECF No. 23 and 24). The Court finds these Motions appropriate for resolution without oral argument. Fed. R. Civ. P. 78; L.R. 7.1(f). For the reasons set forth in this Memorandum, the Plaintiff’s Motion is Denied, and the Defendant’s Motion is Granted. II. FACTUAL BACKGROUND Eagle National Bancorp, Inc., and Eagle National Bank (collectively, “Eagle”) merged into ESSA Bank & Trust and ESSA Bancorp, Inc., (collectively, “ESSA”) in 2015. ESSA is comprised of a bank and a bank holding company in Pennsylvania. (Complaint, ¶ 2, p.7, ECF No. 3.) Defendant Travelers Casualty and Surety Company (“Travelers”) is a Connecticut based

1 When applicable, the Court adopts the pagination supplied by the CM/ECF docketing system, which does not always match the document’s internal pagination. insurer, that provided an excess policy to Plaintiffs. ESSA, as the successor to Eagle, now brings this declaratory action seeking liability insurance coverage under the excess policy. ESSA further alleges that Travelers acted in bad faith by denying coverage for pending lawsuits brought against ESSA. (Complaint, ¶ 2, p.7, ECF No. 3)

Traveler’s Excess Policy was effective from May 28, 2014, to May 28, 2015 (“2014 Excess Policy”), and contained an aggregate limit of liability of 2.5 million, which was excess of the coverage of the Primary Policy with Chubb. (Defendant’s Statement of Undisputed Facts (“Def. SUMF”) ¶ 5, ECF No. 26-3). The BPL (“Bankers Professional Liability”) Insuring Agreement (“Agreement”) in the Primary Policy provided the scope of coverage. In Section 7.e., the Agreement provided that: All Related Claims shall be treated as a single Claim first made on the date the earliest of such Related Claims was first made or on the date the earliest of such Related Claims is treated as having been made in accordance with Subsection 8 below, regardless of whether such date is before or during the Policy Period.

(Def. SUMF at ¶ 9.)

The Primary Policy defined related claims as those arising from the same set of related facts, circumstances, or events. Section 8 of the Primary Policy concerns the Reporting and Notice requirements which state: a. The Insured shall, as a condition precedent to exercising any right to coverage under this Coverage Section, give to the Company written notice of any Claim no later than:

(1) if this Coverage Section expires and is renewed with the Company, one hundred and eighty (180) days after such expiration; provided that, if the Parent Organization can prove to the Company’s satisfaction that it was not reasonably possible for the Insured to give such notice within the one hundred and eighty (180) day time period and that subsequent notice was given as soon as reasonably possible thereafter, the Company shall waive the foregoing time period. (2) if this Coverage Section expires (or is otherwise terminated) without being renewed with the Company and if no Extended Reporting Period is purchased, sixty (60) days after the effective date of such expiration or termination, or

(3) the expiration date of the Extended Reporting Period, if purchased;

provided that, if the Company sends written notice to the Parent Organization stating that this Coverage Section is being terminated for nonpayment of premium, the Insureds shall give to the Company written notice of such Claim prior to the effective date of such termination.

b. If during the Policy Period an Insured:

(1) becomes aware of circumstances which could give rise to a Claim and gives written notice of such circumstances to the Company, or

(2) receives a written request to toll or waive a statute of limitations applicable to Wrongful Acts before or during the Policy Period and gives written notice of such request and of such alleged Wrongful Acts to the Company,

then any Claim subsequently arising from the circumstances referred to in (1) above, or from the Wrongful Acts referred to in (2) above, shall be deemed to have been first made during the Policy Period in which the written notice described in (1) or (2) above was first given by an Insured to the Company, provided any such subsequent Claim is reported to the Company as set forth in Subsection 8(a)(1) above. With respect to any such subsequent Claim, no coverage under this Coverage Section shall apply to loss incurred prior to the date such subsequent Claim is actually made.

c. The Insured shall, as a condition precedent to exercising any right to coverage under this Coverage Section, give to the Company such information, assistance, and cooperation as the Company may reasonably require and shall include in any notice under Subsections 8a or 8b, a description of the Claim, of the alleged or potential damage, the names of all actual or potential defendants, and the manner in which such Insured first became aware of the Claim, circumstances, or request.

(Def. SUMF at ¶ 11.)

Travelers’ Excess Policy was drafted on a claims made basis and only covered excess claims made during the policy period. (Def. SUMF at ¶ 13.) The Excess Policy further provides: SECTION 6. NOTICE A. The Insured(s) shall, as a condition precedent to their rights under this policy, give the Insurer notice in writing of any claim or loss in the same time and manner required by the terms and conditions of the Followed Policy. Notice given under the Followed Policy or Underlying Insurance shall not constitute notice under this policy.

B. Notice to the Insurer of any claim, loss or circumstance shall be given as set forth in Item 9 of the Declarations.

(Def. SUMF at ¶ 14.)

Item 9 of the Declarations states:

ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO [TRAVELERS] BY EMAIL, FACSIMILE OR MAIL AS SET FORTH BELOW:

Email: bfpclaims@travelers.com

FAX: (888) 460-6622

Mail: Travelers Bond & Financial Products Claim 385 Washington St. – Mail Code 9275-NB03F St. Paul, MN 55102

(Def. SUMF at ¶ 15.)

On January 28, 2015, Vickie, and Edward Fangman (“Fangman Action”) served Eagle with a complaint filed in the United States District Court of Maryland. The Fangman plaintiffs alleged that Eagle and other banking institutions referred mortgage customers to title insurance agents in exchange for monetary and non-monetary kickbacks. (Def. SUMF at ¶¶ 16-17.) Upon receiving notice of the Fangman Action, Eagle promptly notified its insurance broker, McGriff Insurance Services (“McGriff”). On February 13, 2015, McGriff provided notice of the Fangman Action to Chubb in accordance with the specific policy directions. However, notice of the Fangman Action was not provided to the Travelers claim department as per the Excess Policy directions. (Def. SUMF at ¶¶ 19-20.) In April 2015, Chubb sent a letter to Eagle with instructions to notify all insurers whose policies may have been triggered. (Def. SUMF at ¶ 22). In 2015, Eagle renewed its Primary and Excess Policy, for a claims made Policy Period of May 28, 2015, to May 28, 2016 (“2015 Excess Policy”). (Def. SUMF at ¶ 23). In August 2015, Eagle announced that it was being acquired by ESSA. In October 2015, ESSA contacted McGriff to inquire about purchasing “runoff2” insurance for Eagle, but ultimately only decided to do so with

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Anderson v. Liberty Lobby, Inc.
477 U.S. 242 (Supreme Court, 1986)
Meyer v. Cuna Mutual Insurance Society
648 F.3d 154 (Third Circuit, 2011)
Cozza Ex Rel. Cozza v. State Farm Fire & Casualty Co.
440 F. App'x 73 (Third Circuit, 2011)
American Automobile Insurance v. Murray
658 F.3d 311 (Third Circuit, 2011)
The Medical Protective Company v. William Watkins
198 F.3d 100 (Third Circuit, 1999)
Liberty Mutl Ins Co v. James Sweeney
689 F.3d 288 (Third Circuit, 2012)
Mary Burton v. Teleflex Inc
707 F.3d 417 (Third Circuit, 2013)
Dee v. Borough of Dunmore
549 F.3d 225 (Third Circuit, 2008)
Cowden v. Aetna Casualty & Surety Co.
134 A.2d 223 (Supreme Court of Pennsylvania, 1957)
DeWalt v. Ohio Casualty Insurance
513 F. Supp. 2d 287 (E.D. Pennsylvania, 2007)
Terletsky v. Prudential Property & Casualty Insurance
649 A.2d 680 (Superior Court of Pennsylvania, 1994)

Cite This Page — Counsel Stack

Bluebook (online)
ESSA BANK & TRUST v. TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, Counsel Stack Legal Research, https://law.counselstack.com/opinion/essa-bank-trust-v-travelers-casualty-and-surety-company-of-america-paed-2025.