Defeating Phantom Exclusions in D&O and E&O Coverage: Guidance for Policyholders
Overcoming Denials of Coverage Based on Restitution and Disgorgement After U.S. Bank N.A. v. Indian Harbor Ins. Co.
Recording of a 90-minute CLE webinar with Q&A
This CLE course will discuss the phantom disgorgement exclusion often relied upon by D&O and E&O professional liability insurers to deny coverage for claims involving individual and corporate wrongdoing and the shifting landscape of its viability as an affirmative defense based on the 2014 decision of U.S. Bank N.A. v. Indian Harbor Ins. Co.
- Disgorgement: exclusion and affirmative defense
- D&O provisions
- E&O provisions
- Level 3 Communications v. Federal Ins. Co.
- U.S. Bank N.A. v. Indian Harbor Ins. Co.
- Impact on D&O exclusions
- Impact on E&O exclusions
- Guidance in procurement
This panel will review these and other crucial issues:
- How can D&O and E&O policyholders address coverage for restitutionary payments?
- How have courts since Level 3 defined “disgorgement” for purposes of determining coverage?
- How can policyholders address coverage determinations for “ill-gotten gains” in the absence of clear state law provisions?
Alexander D. Hardiman
Pillsbury Winthrop Shaw Pittman
Mr. Hardiman has successfully litigated, arbitrated and settled hundreds of complex insurance coverage claims. He... | Read More
Mr. Hardiman has successfully litigated, arbitrated and settled hundreds of complex insurance coverage claims. He represents and advises corporate and individual policyholders in insurance coverage matters, including CGL claims, D&O insurance, fiduciary liability insurance, E&O insurance, and property insurance issues. Mr. Hardiman has extensive experience helping clients secure policy coverage for defense of class actions and product contamination and environmental hazard cases, as well as for governmental actions including antitrust claims and SEC investigations.Close
Mr. Paul advises companies on insurance and risk management issues and is experienced in representing clients in... | Read More
Mr. Paul advises companies on insurance and risk management issues and is experienced in representing clients in complex commercial and insurance-coverage litigation in state and federal courts across the U.S. He focuses his practice on recovering insurance for policyholders under general liability, D&O, employment and fiduciary liability, professional liability, and cyber/tech/media liability policies, among other types of coverage. Mr. Paul’s representations range from large publicly-traded Fortune 500 corporations to start-ups and mid-market private companies covering industries as diverse as manufacturing, telecommunications, and real estate development.Close