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The financial institutions insurance solutions offered by Alliant cover a wide range of liability exposures.
Insight

2024 Financial Lines Executive Liability Newsletter 

By Alliant

Navigating today’s complex risk environment can be a monumental task. Steve Shappell, Alliant Claims & Legal, spearheads Executive Liability Insights, a monthly review of news, legal developments and information on executive liability, cyber risk, employment practices liability, class action trends and more.

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Alliant note and disclaimer: This document is designed to provide general information and guidance. Please note that prior to implementation your legal counsel should review all details or policy information. Alliant Insurance Services does not provide legal advice or legal opinions. If a legal opinion is needed, please seek the services of your own legal advisor or ask Alliant Insurance Services for a referral. This document is provided on an “as is” basis without any warranty of any kind. Alliant Insurance Services disclaims any liability for any loss or damage from reliance on this document.

 

In this issue:

  • SPAC INSURERS CANNOT AVOID ADVANCEMENT OF DEFENSE COSTS BASED ON CHANGE-IN-CONTROL EXCLUSION
  • LATE NOTICE RESULTS IN NO COVERAGE UNDER CLAIMS-MADE POLICY
  • PLAINTIFFS LAWYER’S LETTER WARNING OF POTENTIAL LITIGATION IS NOT A CLAIM FOR DAMAGES
  • IN TEXAS, ONLY SETTLEMENT AGREEMENTS RESULTING FROM AN ADVERSARIAL PROCESS MAY BIND LIABILITY INSURERS
  • THIRD CIRCUIT DENIES EN BANC REHEARING REQUEST FOR A PHARMACEUTICAL DRUG MANUFACTURER
  • PROFESSIONAL LIABILITY POLICY RESCINDED FOR MISSTATEMENT IN APPLICATION UNDER VIRGINIA LAW

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In this issue:

  • THE SUPREME COURT ESTABLISHES A WHISTLEBLOWER-FAVORING FRAMEWORK FOR SARBANES-OXLEY ACT VIOLATIONS
  • CALIFORNIA JURY AWARDS SHAREHOLDERS $14.1 MILLION IN DAMAGES AFTER BUYOUT DEEMED MISLEADING AND UNFAIR
  • EXCESS CARRIER HAS NO DUTY TO DEFEND BASED ON “OTHER INSURANCE” CLAUSE
  • COURT FINDS COVERAGE FOR LOSSES LEADING BACK TO A SYSTEM FAILURE
  • PONZI SCHEME FRAUDULENT TRANSFER INSURABLE AND NOT BARRED BY LENDING ACTS EXCLUSION
  • A CONDITION PRECEDENT IN EXCESS POLICIES CAN LEAD TO COVERAGE BEING DENIED
  • THE OBJECTIVE/SUBJECTIVE TEST FOR PRIOR KNOWLEDGE EXCLUSIONS
  • WHETHER AN INDEPENDENT DIRECTOR IS TRULY INDEPENDENT IS A HIGHLY FACT-SPECIFIC QUERY

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In this issue:

  • THE DEFINITION OF A SECURITIES CLAIM, NOT ALWAYS EASY TO KNOW
  • COURT OF CHANCERY DISMISSES DERIVATIVE COMPLAINT FOR FAILURE TO PLEAD DEMAND FUTILITY
  • THE INTERPLAY OF RELATED CLAIMS AND PRIOR NOTICE EXCLUSION
  • ONEROUS PLEADING BURDEN IMPOSED FOR A CAREMARK BREACH OF FIDUCIARY DUTY CLAIM AGAINST AN OFFICER
  • WHEN DOES A CIVIL INVESTIGATION DEMAND BECOME A CLAIM TO ALLOW DEFENSE COSTS TO ERODE THE RETENTION
  • AN INDICTMENT NOT DEMANDING RELIEF IS NOT A “CLAIM” UNDER A PROFESSIONAL LIABILITY POLICY

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