A Short Primer On The Personal Profit Exclusion

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Originally published in Insurance Law360 on May 24, 2012.

Many liability insurance policies — including directors and officers (D&O), errors and omissions (E&O) and professional liability policies — contain exclusions that bar coverage for claims “based on or attributable to an insured gaining in fact a personal profit or advantage to which the insured is not legally entitled.”

The purpose of these so-called personal profit or illegal profit exclusions is to prevent an insured from reaping a windfall by receiving insurance coverage for ill-gotten gains that the insured profited from and is forced to disgorge.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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