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Ninth Circuit holds I v. I exclusion does not bar coverage; declines to determine exact meaning of “assistance”

Wiley Rein LLP
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USA
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March 11 2008

The United States Court of Appeals for the Ninth Circuit, applying California law in an unpublished opinion, has held that a D&O insurer could not deny coverage based on an I v. I exclusion, even though two officers of the company provided information to an underlying plaintiff

OFAC sanctions come calling on the insurance industry

Wiley Rein LLP
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USA
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April 17 2008

Diplomatic attempts to halt uranium enrichment in Iran are sputtering

Excess D&O insurers must advance defense costs pending “final disposition of a claim,” despite guilty plea by president

Wiley Rein LLP
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USA
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August 13 2007

A trial court in Delaware, relying on "general legal principles," has held that several excess D&O insurers must advance defense costs to an insured corporation and its outside directors for a securities class action pending "final disposition" of the claim, despite the fact that the company's president had pled guilty to a fraudulent conspiracy

Fee exclusion does not bar duty to defend claim for deceptive debt management services

Wiley Rein LLP
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USA
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August 13 2007

The United States District Court for the District of Maryland, applying Maryland law, has held that a fee exclusion in an E&O policy did not bar an insurer's duty to defend an insured in a class action in which the plaintiffs alleged that the insured engaged in deceptive debt management and credit counseling activities

Prior notice exclusion bars coverage for defense of criminal prosecution

Wiley Rein LLP
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USA
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September 22 2009

The Delaware Superior Court has held that a prior notice exclusion bars an insured’s claim for defense costs incurred in a criminal prosecution despite the insured’s argument that its insurers knew about the existence of the criminal investigation at the time the policies were issued

FinCEN clarifies insurance companies’ anti-money-laundering requirements

Wiley Rein LLP
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USA
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April 17 2008

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), in March 2008, offered insurance companies guidance concerning their anti-money-laundering (AML) obligations

District Court holds interrelated wrongful acts provision precludes coverage

Wiley Rein LLP
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USA
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May 15 2007

The United States District Court for the District of New Jersey, applying New Jersey law, has held that (1) coverage for fraudulent conveyance actions brought against the insureds was not available under a claims-made D&O Liability Policy's interrelated wrongful acts provisions; and (2) the insurer was not obligated to provide coverage under a previous, insolvent insurer's policy, even though the insurer had purchased the assets and renewal rights to the insolvent insurer's D&O book of business and agreed to reinsure the insolvent insurer for specifically defined risks

Dishonesty exclusion bars coverage for claim that title company negligently supervised bookkeeper who embezzled

Wiley Rein LLP
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USA
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May 15 2007

The United States Court of Appeals for the Fourth Circuit has held that an E&O policy's dishonesty exclusion barred coverage for a claim alleging that a title company negligently supervised a bookkeeper who embezzled from escrow accounts

RICO claim not excluded by breach of contract or benefits due exclusions

Wiley Rein LLP
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USA
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October 8 2009

The Pennsylvania Superior Court reversed a trial court decision and held that a breach of contract exclusion did not apply to alleged Racketeer Influenced and Corrupt Organizations Act (RICO) violations that were based on health care insurers’ alleged conspiracy to underpay claims

Prior knowledge exclusion bars coverage

Wiley Rein LLP
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USA
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March 3 2009

Applying New York law, a federal district court has held that an insured’s admitted knowledge of criminal wrongdoing prior to the inception of directors' and officers' liability policies issued to Refco, Inc. served to exclude coverage for litigation arising from such wrongdoing