customs and practices of the trade could conclude that WQIS’s liability under Coverage C ceased once the Coverage A limit was reached. See Morgan Stanley, 225 F.3d at 275 (describing when a contract provision is ambiguous). First, the phrase “liabilities covered” in the Coverage C insuring provision could reasonably be read to refer only to liabilities that WQIS was required to cover under Coverage A, that is, up to $5 million per vessel. Under this interpretation, any liability above $5 million was not “covered,” and - therefore defense costs incurred with respect to liabilities above $5 million did not arise from “liabilities covered.” See Stonewall Ins. Co. v. Asbestos Claims Mgmt. Corp., 73 F.3d 1178, 1219 (2d Cir. 1995), modified on other grounds by 85 F.3d 49, 51 (2d Cir. 1996) (<HOLDING>). A reasonable person could conclude that once
holding that costs are not fixed until judgment is entered and interest can only run on costs when due holding that allied may not be held liable for portion of attorneys fees paid pretender of defense due to policy provision precluding reimbursement for defense costs voluntarily incurred holding that trustee and personnel liability policy only covered the trustees and not the school itself holding that an insurer had no duty to defend in the absence of any cause of action amounting to a potentially covered offense under the  insurance policy holding where an insurance policy indemnifies defense costs paid as a result of occurrences covered that the insurer need only reimburse defense costs for claims that are established to be covered through judgment and settlement and not for claims only potentially falling within the policys coverage