Court of Appeals for the Fifth Circuit May 24, 1989, 88-3656 (Transco Exploration Company v. Pacific Employers Insurance Company)

JERRY E. SMITH, Circuit Judge:

In this case, we are asked to declare the winner in a game of grammatical tug-of-war between an excess insurer and an insured over whether an excess insurance policy “drops down” in place of a policy issued by a now-insolvent primary insurer. On summary judgment, the district court ruled in favor of the insured.