Insurance
Feb. 4, 2012
How to increase the prospects of coverage for SEC settlements
Bear Stearns' settlement with the SEC should serve as a warning to insureds entering into such agreements. By Joan M. Cotkin of Nossaman LLP
Most directors and officers' insurance policies and similar professional liability policies have "in fact" dishonesty and personal profit taking exclusions, which generally bar indemnity coverage for payments of claims based on violation of securities and similar laws. These policies also exclude indemnity coverage for disgorgement or civil penalties. What happens when the insured settles such a claim for amounts, which it contends...
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