Supreme Court of New Jersey September 23, 1992 (State v. Signo Trading International, Inc.)

The opinion of the Court was delivered by

CLIFFORD, J.

The Appellate Division held that the “owned property” exclusion in the defendant property-owner’s liability insurance policy relieved the third-party-defendant insurance carrier of any obligation to indemnify or defend its insured for its potential liability to the Department of Environmental Protection (DEP) *55for the cost of cleanup of