Specialty Lines Advisory

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breach of contract

Broad Professional Services Exclusion Does Not Preclude Coverage for Investor Lawsuits

A management liability policy’s professional services exclusion, encompassing a wide range of investment management services, did not preclude coverage for lawsuits brought by investors in failed investment firm. Carlyle Investment Mgt., LLC, et al. v. ACE American Insurance Company, et… Continue Reading →

Insured Failed to Provide Timely Notice Under Claims Made Policy

Judge Jesus G. Bernal found notice provisions in claims made policies were unambiguous and enforceable as a condition precedent to coverage. The Citrus Course Homeowners Ass’n v. Great Am. Ins. Co., No. 5:15-cv-02443-JGB (C.D. Cal. Jan. 7, 2016). Great American… Continue Reading →

No Indemnification for Former Insured’s $40 Million Settlement Agreement

The U.S. Court of Appeals for the 11th Circuit determined that National Union Fire Insurance Company of Pittsburgh, PA (National Union) owed no duty to indemnify a $40 million settlement reached by its former insured in an underlying action. The… Continue Reading →

DOJ Investigation Does Not Fall Squarely Within a Regulatory Claims Coverage Sublimit, So the Sublimit Does Not Apply

Coverage for a Department of Justice (DOJ) investigation was not subject to a D&O policy’s regulatory claims coverage sublimit, and the insurer could not show that the DOJ investigation was sufficiently related to prior claims to bar coverage. Millennium Laboratories,… Continue Reading →

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