Sanem

MEMORANDUM *

Frances Lynn Sanem (“Sanem”) appeals the district court’s summary judgment dismissal of his diversity action alleging that Reliance Insurance Company (“Reliance”) breached its duty to defend him in proceedings before the National Association of Securities Dealers (“NASD”) under an insurance policy that insured Linsco-Private Ledger Corporation (“LPL”) and Sanem. The district court held that there was no duty to defend because policy exclusions precluded coverage of the Geisslers’ claim against Sanem and because Sanem failed to make a timely tender of defense. We have jurisdiction pursuant to 28 U.S.C. § 1291 , and we affirm. The parties are familiar with the facts which are not set forth herein except as necessary to explain our decision.

Reliance contends first that it had no duty to defend Sanem because Exclusions P and M precluded coverage of the Geisslers’ claim. Sanem argues that if interpreted from his perspective, the policy did not exclude coverage or absolve Reliance of its duty to defend him. We agree with Reliance and disagree with Sanem.

Exclusion P precludes coverage for:

The policy defines “NAMED INSURED” as:

Although Sanem does not contend that he…