Bill Cosby -- Gets Big Break ... Insurance Co. May Be Force to Pay for Sexual Misconduct

Bill Cosby just got some good news ... a court has ruled his insurance company may have to foot the bill in the event he loses his sexual assault case to Janice Dickinson.

AIG insurance company tried to get a judge to say Cosby's alleged misdeeds are not covered under the policy, which excludes personal injury claims "arising out of ... sexual molestation, misconduct or harassment."

Dickinson claims Cosby drugged and assaulted her in 1982 and made a joke about the allegations in January that caused her emotional distress.

But a judge has now ruled the exclusion clause is ambiguous. Frankly, the judge's reasoning is weird, but ultimately she says the words "arising out of" are ambiguous.