D & O Insurance

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Megan Black

In the following guest post, Megan Black, a D&O broker in the Financial Services Group at Aon, reviews and analyzes how private company D&O insurance policies address legal defense costs. This overview highlights the key differences between Duty to Defend and Reimbursement approaches. The original article was previously published on the AON Financial Services Group’s web presence and can be found here. My thanks to Megan for allowing me to publish her article as a guest post on this site. Here is Megan’s article. Continue Reading Guest Post: Optimizing D&O Policies for Private and Nonprofit Firms

Questions whether two sets of circumstances are or are not interrelated are among the most vexing insurance coverage disputes out there. These questions often are even more fraught because of the significant amounts of money that can depend on the answer. All of these considerations were in play in a recent Fourth Circuit decision in which the appellate court concluded in the Under Armour case that because prior shareholder litigation and a later SEC investigation were “logically and causally” related, they represented a single claim triggering only one $100 million insurance tower, rather than a second $100 million tower, as the company had argued. The Court’s January 20, 2026, decision, which highlights the many concerns and considerations that can come into play in these kinds of disputes, can be found here.Continue Reading 4th Circuit: Shareholder Claims and SEC Investigation “Logically and Causally” Related

Sarah Abrams

Bankruptcy is a fraught circumstance for D&O insurance. As discussed in the following guest post from Sarah Abrams, Head of Claims Baleen Specialty, a division of Bowhead Specialty, the usual bankruptcy complications are further amplified in the crypto context. I would like to thank Sarah for allowing me to publish her article as a guest post on this site.Continue Reading Guest Post: D&O Insurance Coverage in a Crypto Mining Bankruptcy

Burkhard Fassbach

In the following guest post, Burkhard Fassbach, a D&O lawyer in private practice in Germany, reviews and analzyes a recent decision by the German Federal Court of Justice interpreting and applying the D&O insurance exclusion precluding coverage for “knowing breach of duty.” I would like to thank Burkhard for allowing me to publish his article as a guest post on this site. Here is Burkhard’s article.Continue Reading Guest Post: German Court Redefines Knowing Breach Exclusions in D&O Insurance

If a defendant company settles a shareholder lawsuit by issuing stock rather than by paying cash, does the settlement represent “Loss” within the meaning of the company’s D&O insurance policy? Earlier this year, a Delaware court said it does. Now, the Delaware Supreme Court has affirmed the lower court, for the reasons stated by the lower court. As discussed below, these rulings raise some interesting issues. The Delaware Supreme Court’s December 9, 2025, order affirming the lower court can be found here.Continue Reading Does Issuance of Stock to Settle a Shareholder Suit Constitute “Loss”?

Lucas Roberts

Claims made insurance policies generally allow for the provision of notice of potential claim. However, for which insureds is the notice effective? In the following guest post, Lucas Roberts, Wholesale Broker, Anzen Insurance Solutions, reviews a recent court decision discussing these notice-related issues. I would like to thank Lucas for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is Lucas’s article.Continue Reading Guest Post: Wait, YOU Also Wanted Coverage? Why Didn’t You Say So!

Sarah Abrams

Side A coverage under the typical D&O insurance policy provides what could be a last line of protection of individual executives in certain circumstance. In the following guest post, Sarah Abrams, Head of Claims Baleen Specialty, a division of Bowhead Specialty, analyses a recent Delaware shareholder derivative lawsuit to consider the circumstances in which Side A coverage may operate to protect corporate executives. I would like to thank Sarah for allowing me to publish her article as a guest post on this site. I welcome guest post submissions from responsible authors in topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is Sarah’s article.Continue Reading Guest Post: A Side: A Coverage Scenario

One of the recurring D&O insurance coverage issues is the question of the extent of the preclusive effect of professional services exclusions. These issues can be particularly acute in connection with service businesses, as just about every activity of these businesses involves their performance of services in some way. In a recent Northern District of Ohio decision, the Court, applying Ohio law, rejected an insurer’s attempt to extend an exclusion to preclude coverage for all of the activities alleged in the underlying lawsuit, saying that such an interpretation is not only inconsistent with the underlying allegations but also would impermissibly render coverage under the policy illusory. A copy of the court’s June 24, 2025, opinion can be found here.Continue Reading Court Rejects Overly Broad Application of Services Exclusion

Geoffrey B. Fehling
Machaella Reisman

In the following guest post, Geoffrey B. Fehling and Machaella Reisman of the Hunton Andrew Kurth law firm,take a look at a recent Delaware federal court decision involving a D&O insurance coverage dispute in which one of the key issues was the timing of the policyholder’s declaratory judgment action against its excess insurers. A version of this article was previously published on the Hunton Insurance Recovery Blog. I would like to thank Geoff and Machaella for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is the author’s article.Continue Reading Guest Post: Del. Court Tells Wiring Manufacturer It’s Too Early and Too Late

John Orr

D&O liability insurance policies protect “officers.” But who is an officer? This is a question that insurers and policyholders have struggled with for years. More recently, questions about various new corporate roles and titles have emerged. In the following guest post, John Orr, D&O Liability Product Leader for Willis’s Financial and Executive Risk practice (FINEX), North America, examines the perennial question of who is an officer and proposes a new approach to the issue. The author wishes to express his thanks to his colleague, Lawrence Fine, for his the work they have done together on these issues. This article also appears in Willis’s FINEX Observer publication (here). I would like to thank John for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is John’s article.Continue Reading Guest Post: Who is an “Officer”? It’s Time to Address This