An increasing number of directors and officers' liability insurers are claiming improperly that their policies exclude coverage against securities lawsuits, an attorney specializing in policyholder cases said.
Writing in the Summer 2006 edition of Anderson Kill & Olick Executive Insurance Advisor, William Passannante wrote that "D&O insurers are playing a high stakes game of 'catch-me-if-you-can.'"
"Unbeknownst to policyholders, when faced with a securities claim, many insurers have been taking the improper position that the most common forms of damages sought in securities class actions are not covered under the D&O policies," Mr. Passannante wrote.
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