SDV Insights

Bad Faith Insights

Power & Energy - Emerging Insurance Coverage Cases of Interest

The Power & Energy sector faces a multitude of risks that impact output and profitability, requiring sound risk management and robust insurance programs. As of recent, like most industries, there have been significant challenges facing the industry in light of COVID-19.

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D&O Coverage for Lawsuits Alleging Lack of Boardroom Diversity: Is Your Company Protected?

Amid the current movement for racial justice, a new trend has emerged in the world of Directors and Officers insurance. A recent wave of lawsuits that are expected to trigger D&O policies has been brought against major corporations in the U.S., with a message reflective of the movement: that racial diversity belongs in the boardroom.

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Fuel Thieves Strike Again, and Again, and Again... 11th Circuit Concludes Each Fuel Theft Constituted a Separate

In the case of Port Consolidated, Inc. v. Int'l Ins. Co. of Hannover, PLC, the Eleventh Circuit Court of Appeals recently held that an insurance claim involving repeated thefts of fuel from a singular scheme constituted multiple "occurrences" under the insurance policy at issue. Moreover, because none of the thefts exceeded the policy's per occurrence deductible, the Court found that the insurer properly denied coverage.

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How Will D&O Insurance Evolve with the Coronavirus?

When Directors and Officers (D&O) insurance was first introduced by the London underwriting market in the 1930s, it was intended to cover a narrow range of emerging liabilities. Following the Great Depression and the uptick in securities regulation, there was a perceived need for insurance to protect corporate officers from the risks of doing business.

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Zoom-Bombing Leads to Securities Suit: Assessing D&O Coverage for Event-Driven Securities Class Action Suits in the Wake of COVID-19

COVID-19 has impacted businesses large and small across the country. Some companies predict that their services or products will be in higher demand, and anticipate marked financial success in the coming months, while others brace for collapse. Either scenario creates a potential liability: the risk of misrepresentation or improper disclosure to investors about the company's outlook, financial health, capabilities, or any information that influences investor decisions.

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Advice for Providing Notice for D&O Policies Renewing During the COVID-19 Pandemic

As the COVID-19 pandemic affects companies' economic performance, we anticipate an uptick in Directors & Officers (D&O) Liability claims. Attempts by companies to downplay the effects of supply-chain disruptions or overall performance due to shutdowns are potential minefields for D&O claims

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D&O Coverage for Government Investigations: When is my Policy Triggered?

Formal investigations into the activities of corporations and their directors and officers remain increasingly hot topics in the news. While many of these investigations make headlines, whether or not a company might have coverage for fees incurred defending these investigations is seldom mentioned. Depending on the policy language, Director's and Officer's Liability ("D&O") may be a crucial risk management tool for companies faced with governmental investigations.

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Washington Policyholders Can Sue Insurance Adjusters Personally for Bad Faith Claims Handling

In a new decision, a Washington State appellate court ruled recently that insureds may sue an insurance adjuster personally for bad faith claims handling. The decision is unusual and has interesting implications for policyholders and insurance companies nationwide.

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Interpreting "Prior Knowledge" Clauses in Claims-Made Policies: When Knowing Too Much Can Hurt You

Claims-made insurance policies are designed to protect policyholders from liability for claims brought during the relevant policy period. From the perspective of the insurer, these policies have the distinct advantage of providing certainty that when the policy period ends without a claim having been made, the insurer will not be exposed to any further liability.

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Insureds 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.

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