Isaacs

ORDER GRANTING/DENYING XMSJS [DOCS. 40, 42]

On February 2, 2012, Plaintiffs Craig Isaacs (“Isaacs”) and Nexus Wealth Management, Inc. (“Nexus”) commenced this action against Defendant Chartis Specialty Insurance Company (“Chartis”). This is an insurance coverage action which arises out of Chartis’s alleged failure to fulfill its obligations under a professional liability insurance policy which names Plaintiffs as insured parties. The parties have now filed cross-motions for summary judgment.

The Court found this motion suitable for determination on the papers submitted and without oral argument. (Doc. 50.); See Civ. L.R. 7.1(d.l). For the following reasons, the Court GRANTS/DENIES Defendant’s/Plaintiffs’ motion for summary judgment.

I. BACKGROUND

A. THE INSURANCE POLICY

This case arises from an insurance policy that Chartis issued to Geneos Wealth Management, Inc. (“Geneos”). This “Securities Broker/Dealer Professional Liability Insurance” Policy (the “Policy”) was in effect from July 1, 2010 to July 1, 2011. (Joint Statement of Undisputed Facts [Doc. 42-2] ¶ 1.) Under the policy, Geneos is classified as a “Broker/Dealer” and an “Insured.” (Id. ¶ 2.) Isaacs and Nexus are both…