In this case, Hilco, an Illinois corporation, had four related companies. They are Hilco Trading, and its three majority-owned subsidiaries, Hilco Appraisal, Hilco Valuation and Hilco Financial LLC.
Hilco Trading purchased a professional liability insurance policy from the Liberty Surplus Insurance Corp. The insurance policy provided a limit of $10 million in excess of the $250,000 deductible and required Liberty to defend Hilco if it were sued for any wrongful act regarding its professional services. In addition, Hilco bought a similar policy from Illinois Union, providing an additional $10 million limit beyond the Liberty policy.