Panel: Professional Services Exclusion Bars Coverage For Claims Against Broker

Panel: Professional Services Exclusion Bars Coverage For Claims Against Broker

NEW YORK - The Second Circuit U.S. Court of Appeals on Nov. 21 affirmed a lower federal court's ruling that underlying claims against a securities broker-dealer insured and its president are precluded from coverage by a professional services exclusion in a directors and officers and private company liability insurance policy (David Lerner Associates Inc. v. Philadelphia Indemnity Insurance Co., No. 13-1612, 2nd Cir.; 2013 U.S. App. LEXIS 23386).

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