Peeling the Onion: Layers of New D&O Coverage Issues

A February 29 session at the meeting in Tucson celebrating the 20 th Anniversary of the Insurance Coverage Litigation Committee was entitled, “Peeling the Onion: Layers of New D&O Coverage Issues.” The panel at this session discussed the interplay and tension between the various layers...

ICLC Panel Discussion: To Renew or Not to Renew

The ICLC annual meeting in Tucson included a session on directors’ and officers’ insurance policies on February 28, entitled, “To Renew or Not to Renew? The $64,000,000 Question.” A panel consisting of Mary Craig Calkins of Howrey LLP; Deidre Finn of Navigators Pro, Carla Owens...

Mark S. Hersh on Coverage for Global Warming Risks Under D&O Policies

Global warming, or climate change, now figures prominently on the national and international agenda. For many companies, global warming also represents a new risk management issue. Not only are there financial and other business risks associated with global warming, the risk of legal claims undoubtedly...

Marc S. Maister & Harry J. Schulz, III on In Vogue: A-Side DIC D&O Insurance Coverage

Over the past few years, a majority of publicly traded companies have added A-side DIC D&O insurance to their insurance programs. The “Difference In Conditions” (“DIC”) aspect of these A-side excess policies typically provides broad coverage to individual directors and officers...

The Impact of a Corporation’s Bankruptcy on Its D&O Insurance

Carrie E. Cope’s chapter on Directors’ and Officers’ Liability Insurance in the New Appleman Insurance Law Practice Guide includes discussions on the impact of the corporation’s bankruptcy on indemnification. If the corporation’s indemnification obligations to directors...

McCarter English LLP on New York Insurance Department Opinion No. 08-10-07: An Insurers Duty to Defend Under a Directors and Officers Insurance Policy

The Office of General Counsel for the New York State Insurance Department (Department) recently rejected an insurance carrier’s proposed policy language for a directors and officers liability insurance policy (D&O Policy) that placed the duty to defend on the insured, in Opinion No. 08-10-07...

What Does Your Policy Cover? A Policyholder Perspective on D&O and Professional Liability Insurance: An Interview of Anna Engh Written by Teresa Zink for HB Litigation Conferences LLC

Anna Engh is a partner with the litigation group at Covington & Burling LLP. Her practice focuses on insurance coverage. She spoke on “Professional Liability Litigation: Insurance Coverage Issues” at HB Litigation Conferences’ January Conference on “The FDIC and the New Banking...

Reed Smith LLP on Emerging Risks in Insurance: When Bankruptcy Hits, Are Directors and Officers Stuck With the Bill?

This commentary analyzes an emerging issue of law which may become increasingly pertinent as today’s recession continues to bankrupt more and more corporations, and further, as more and more lawsuits are brought against those corporations, often as a result of activity which led those companies...

Extra Insurance Coverage for Outside Directors in Times of Financial Uncertainty: An Overview of Independent Director Liability Policies

Scott N. Godes is counsel in Dickstein Shapiro’s Insurance Coverage Practice. In these times of financial uncertainty, outside directors on corporate boards of directors may request that the companies’ boards companies purchase Individual Director Liability (IDL) insurance for them. Generally...

Civil Liability Insurance Contracts for Directors under Portuguese Companies Code

In this Expert Commentary, authors Luisa Soares da Silva, Joana Pereira Dias and Joana Galvao Teles identify and analyze the main types of civil liability insurance contracts for directors their scope, terms and limits under article 396 of the Portuguese Companies Code, as amended by the deep reform...

Daniel Gerber and Sarah Delaney on the Directors and Officers Policies and the Breach of Contract Exclusion: Broad Application Could Swallow Coverage

There are no standard industry-wide directors and officers’ coverage forms, nonetheless the contractual liability exclusion is a common exclusion in directors and officers coverage. Recently, courts have broadly construed the exclusion, and applied it to any claim remotely relating to a contract...

Fifth Circuit Holds Settlement With Primary Insurer Did Not Result In Exhaustion

By Brian Margolies, Partner, Traub Lieberman Straus & Shrewsberry LLP In Citigroup Inc. v. Federal Ins. Co ., 2011 U.S. App. LEXIS 16316 (5 th Cir. Aug. 8, 2011 ) , the United States Court of Appeals for the Fifth Circuit, applying Texas law, considered whether a settlement between an insured and...

Comfort Orders in Bankruptcy Court To Advance Defense Costs for Directors and Officers Insurance

After entity coverage began to be added to the D&O insurance policy a couple of decades ago, a recurring problem in the bankruptcy context was whether or not the D&O policy proceeds were property of the estate under Bankruptcy Code Section 541 (a) and subject to the automatic stay under Bankruptcy...