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Insured’s Failure to Timely Report Claim Eliminates Coverage

A recent federal court decision, applying California law to directors and officers liability policies, addressed two important issues: the importance of a policyholder’s strict compliance with a claims-made-and-reported policy’s notice provision, and the importance of accurate representations in an insurance application.  This decision is an important reminder to policyholders nationwide to ensure that they promptly report claims to their directors and officers insurers as soon as practicable, and to negotiate extended reporting periods.  Policyholders should also take care to ensure that the answers in their insurance applications are thorough and accurate, as an omission could end up costing them valuable coverage.

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Aug 07, 2018
K. Alexandra Byrd