Directors and Officers Liability Insurance: Deskbook

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American Bar Association, 1998 - Law - 257 pages
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Contents

Foreword
iii
Editors
v
Contributors
vii
Special Thanks
xix
INTRODUCTION TO DIRECTORS AND OFFICERS LIABILITY INSURANCE
1
A INSURING CLAUSES
3
B DEFINITIONS
4
CLAIMS MADE VS OCCURRENCE POLICIES
5
B BREACH OF CONTRACT EXCLUSION
120
C DISHONESTY EXCLUSION
121
D EMPLOYMENT PRACTICE CLAIMS EXCLUSION
124
E ERISA EXCLUSION
125
G INSOLVENCY EXCLUSION
126
H INSURED V INSURED EXCLUSION
127
I JOINT VENTURELIMITED PARTNERSHIP EXCLUSION
135
K MERGER AND ACQUISITION EXCLUSION
136

D DEFENSE OBLIGATIONS
6
F POLICY LIMITS AND RETENTIONS
8
POLICY ISSUANCE
9
A POLICY EXCLUSIONS FOR CLAIMS OR CIRCUMSTANCES KNOWN BY THE INSURED AT THE INCEPTION OF COVERAGE
12
B RESCISSION
14
C BREACH OF WARRANTY
30
D THE INSURERS ABILITY TO RECOVER DAMAGES FROM THE PARTY RESPONSIBLE FOR THE MISREPRESENTATIONS IN AN APPLIC...
31
THE INSURING AGREEMENTS
33
A INDIVIDUAL DIRECTOR AND OFFICER COVERAGE
35
C ENTITY COVERAGE
40
TRIGGER OF COVERAGE
41
A DEFINITION OF CLAIM
43
B TIMING OF CLAIM AND NOTICE
52
SCOPE OF COVERAGE
75
A CLAIMS MUST BE AGAINST INSURED PERSONS FOR ACTS TAKEN IN THEIR OFFICIAL CAPACITY
77
B COVERAGE IS EXTENDED ONLY FOR CLAIMS THAT FALL WITHIN THE POLICY DEFINITION OF WRONGFUL ACTS
81
C COVERAGE IS LIMITED TO ITEMS WHICH FALL WITHIN THE POLICY DEFINITION OF LOSS
83
D INSURABILITY OF CLAIMS
85
DEFENSE OBLIGATIONS
91
A INDEMNITY POLICIES
93
B DUTY TO DEFEND POLICIES
97
C CASES HOLDING THAT DEFENSE COSTS MUST BE ADVANCED UNDER DO POLICIES
98
D AN INSURERS RIGHT TO ASSOCIATE IN THE DEFENSE OF CLAIMS DOES NOT IMPOSE A DUTY TO DEFEND
100
E DEFENSE COSTS ARE INCLUDED WITHIN POLICY LIMITS
101
POLICY LIMITS AND RETENTIONS
103
A NUMBER OF BANK LOANS AFFECTING NUMBER OF CLAIMS
105
B SINGLE LIMIT OF LIABILITY APPLIES ALTHOUGH WRONGFUL ACTS OCCURRED IN MULTIPLE YEARS
106
D A SINGLE RETENTION APPLIES ALTHOUGH THE UNDERLYING ACTION INVOLVED DIFFERENT TRANSACTIONS
108
OTHER INSURANCE CLAUSES
109
A THE RELATIONSHIP BETWEEN DO COVERAGE AND THE BANKERS BLANKET BOND
112
B THE RELATIONSHIP BETWEEN DO AND OTHER POLICIES
113
POLICY EXCLUSIONS
117
A BODILY INJURYEMOTIONAL DISTRESS EXCLUSION
119
M MUNICIPALITY EXCLUSION
137
O OTHER INSURANCE EXCLUSION
138
Q POLLUTION EXCLUSION
139
R PRIOR ACTS EXCLUSION
140
S PRIOR OR PENDING LITIGATION EXCLUSION
141
U REGULATORY EXCLUSION
142
V SECURITIES CLAIMS EXCLUSION
147
SETTLEMENT
149
A THE INSURED MUST OBTAIN THE INSURERS CONSENT TO A SETTLEMENT
151
B INSURERS REFUSAL TO CONSENT TO SETTLEMENT
152
C COVERAGE FOR A SETTLEMENT PAID ON BEHALF OF DOs
154
D COLLUSIVE SETTLEMENTS
155
F SUBROGATION
156
G THE INSURER MAY PREFER ONE INSURED OVER ANOTHER
158
ALLOCATION
161
A ALLOCATION OF DEFENSE COSTS
164
B ALLOCATION OF SETTLEMENT COSTS
170
C BURDEN OF PROOF FOR ALLOCATION
171
POLICY TERMINATION AND NONRENEWAL
173
A A RENEWAL ON DIFFERENT TERMS MAY CONSTITUTE NONRENEWAL
176
B DUTY TO ADVISE THE INSURED OF NONRENEWAL OR RENEWAL ON DIFFERENT TERMS
178
C AN UNEQUIVOCAL ORAL REQUEST FOR RENEWAL DEEMED SUFFICIENT TO TRIGGER RIGHT TO DISCOVERY PERIOD
182
E THE INSURERS RIGHT TO CANCEL POLICY
183
F POLICY CANCELATION STAYED BY BANKRUPTCY FILING
184
COVERAGE LITIGATION ISSUES
187
A JURISDICTION
189
B DISCOVERY
197
C RULE 11 SANCTIONS
200
E FINALITY OF SETTLEMENT AND JUDGMENT
203
F EFFECT OF INSUREDS BANKRUPTCY
204
TABLE OF CASES
211
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