Opinion ID: 733421
Heading Depth: 2
Heading Rank: 2

Heading: Liability of ISOP

Text: 40 Interpreting the policy agreement, including endorsement No. 1, we agree with the reasoning of the district court that ISOP has contracted to provide coverage up to the maximum stipulated amount of Sherwin's loss, provided that Sherwin first exhaust efforts to recover from its primary insurance carriers. Of course, ISOP would be entitled to credit for any such recovery. We adopt the district court's memorandum opinion and order, dated July 7, 1994, granting plaintiff's partial summary judgment as to liability for the stipulated amount of loss in this regard. 41 Accordingly, we AFFIRM in part, REVERSE in part, and REMAND in order that the district court may determine at the appropriate time whether other primary insurance coverage is available to Sherwin and whether Sherwin may recover or collect thereon if in effect at the pertinent period. Based on our disposition of the case, we reserve the question of proper attorneys' fees and interest.