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If there is any other insurance covering the
property insured hereunder, or * * * [petitioner's]
liability, if any, whether prior, subsequent to, or
simultaneous with this policy, which in the absence of
this insurance would cover the loss, damage or
liability hereby covered, then this Company shall not
be liable hereunder for more than the excess over and
above such other insurance. This clause, however,
shall not apply to insurance effected by a Named
Insured, and the existence of such insurance, or
payment of a loss thereunder, shall not constitute a
defense of any claim otherwise payable under this
Policy, nor shall such insurance be called on to
contribute to any loss payable hereunder.
Under clause 20, NUF was not liable in the event that
petitioner's liability for loss or damage to a shipper's package
was covered by another insurance policy unless the other policy
was "effected" by a shipper.
(3) Affiliated FM Insurance
Policy
Petitioner maintained an insurance policy with Affiliated FM
Insurance Co. (AFM policy). The AFM policy was issued on
December 27, 1982, and provided coverage from October 1, 1982 to
1985. The AFM policy insured petitioner's property and liability
for, among other things, petitioner's interest in the "real and
personal property of others, including parcels held for delivery
and in transit for which petitioner may be liable or for which
the * * * [petitioner] may assume liability or agree to insure
prior to loss affected thereby." The AFM policy contained a $100
million liability limitation with sublimits. The AFM policy had
a $10 million limit "on Personal Property while in the course of
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