News & Analysis as of

D&O Insurance

Jones Day

Delaware High Court Rejects Application of D&O Policy's "Bump-Up" Exclusion to Securities Claim Settlement

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In a significant victory for policyholders, the Delaware Supreme Court rejected three insurers' attempts to apply their Directors and Officers ("D&O") liability policies' so-called "bump-up" exclusion to bar coverage for...more

McGuireWoods LLP

Delaware Supreme Court Affirms D&O Coverage in Harman International Bump-Up Exclusion Dispute

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On January 27, 2026, the Delaware Supreme Court issued a significant pro-policyholder decision affirming that directors and officers (“D&O”) insurers must cover a $28 million settlement paid by Harman International Industries...more

Wiley Rein LLP

Delaware Court Finds a Meaningful Link Where Notice of Circumstances and Later Claim Allege Same Underlying Conduct

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The Superior Court of Delaware, applying Delaware law, has held that there was a meaningful link between a notice of circumstances and a later claim where the circumstances described in the notice “allege[d] the same...more

Carlton Fields

Fourth Circuit Finds Under Armour’s “Single Scheme” to Misrepresent Financial Stability Constitutes Single Claim Under D&O Tower

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On January 20, 2026, the Fourth Circuit Court of Appeals held in Navigators Insurance Co. v. Under Armour Inc. that Under Armour was not entitled to access an additional $100 million directors and officers tower after finding...more

Haynes Boone

Delaware Supreme Court Affirms D&O Coverage for Settlement of Post-M&A Shareholder Litigation and Limits Scope of “Bump-Up’’...

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On Jan. 27, 2026, in Illinois National Insurance Co. v. Harman International Industries, Inc. (“Harman”), the Delaware Supreme Court issued a notable, pro-policyholder decision addressing the scope of directors and officers...more

Wiley Rein LLP

Delaware Supreme Court Holds that a Bump-Up Provision Does Not Bar Coverage in Section 14(a) Case

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The Delaware Supreme Court, applying Delaware law, held that a bump-up provision in a D&O liability program did not preclude coverage for the settlement of a proxy-related lawsuit by shareholders against the insured and its...more

Wiley Rein LLP

Property Damage Exclusion Inapplicable to HOA’s Failure to Establish Seawall Reserve Fund

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The United States District Court for the District of South Carolina, applying South Carolina law, has held that a property damage exclusion did not bar coverage for a lawsuit filed by property owners against an insured...more

Rivkin Radler LLP

January 2026 Insurance Update

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Claims-made policies have automatic extended reporting periods that last for a stated amount of time. But those extensions end if the insured purchases a new policy. What if the new policy does not cover the claim? Is the...more

Hinshaw & Culbertson - Insights for Insurers

2025 Key Insurance Developments and Trends for 2026

In 2025, Hinshaw’s global insurance services team authored several resources on key developments and decisions that impacted the US insurance industry. From our timely commentary just published in Mealey’s to the third...more

Lowenstein Sandler LLP

New Year, New D&O Insurance Trends

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In this episode of Don't Take No For An Answer, host Eric Jesse sits down with Matthew Kerman, a broker at ARC Excess & Surplus, to discuss the current state and trends on directors and officers (D&O) insurance. Kerman notes...more

Wiley Rein LLP

Fourth Circuit Reverses: Under Armour Cannot Tap Additional $100 Million D&O Tower for Related Government Investigations and...

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In a win for Wiley’s client, the United State Court of Appeals for the Fourth Circuit, applying Maryland law, reversed judgment on the pleadings in favor of the insured, holding that a securities class action, derivative...more

K&L Gates LLP

Current Trends in Climate Change Litigation: A Snapshot of Risk and Insurance Considerations

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In recent years, climate change litigation has begun to impact an increasingly diverse range of businesses and their directors and officers. This trend has been highlighted in The Grantham Research Institute’s 2025 Report on...more

Wiley Rein LLP

Insured Versus Insured Exclusion Defeats Coverage for Class Action Filed by Former Director

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In a win for Wiley’s client, the United States District Court for the District of Wyoming, applying Wyoming law, held that an insured versus insured (“IvI”) exclusion barred coverage for an entire class action proceeding...more

Haynes Boone

Insuring Equality: Three Tips for Preserving Coverage for DEI Enforcement Actions

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At the beginning of this year, the Trump administration issued a series of executive orders rewriting federal policy on employment programs addressing diversity, equity and inclusion (DEI). Executive orders 14151 and...more

Wiley Rein LLP

Court Upholds 100% Allocation Based on Insured’s “Best Efforts” and Insurer’s Failure to Meet “Relative Exposure” Burden

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The United States District Court for the Southern District of New York, applying New York law, upheld an arbitration award allocating 100% of amounts incurred jointly by insured individuals and non-insured entities to covered...more

Hinshaw & Culbertson - Insights for Insurers

D&O Liability & Coverage: 2025 Trends, Developments & Decisions

The past year has been an interesting and action-packed year in the world of Directors & Officers (D&O) liability and coverage. We begin by examining some of the key trends and developments impacting directors, officers, and...more

Wiley Rein LLP

Discrimination Exclusion Unambiguously Bars Coverage for Lawsuit Alleging a Racially-Motivated Campaign Interfered with Claimant’s...

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The United States District Court for the Southern District of Florida, applying Florida law, has held that a discrimination exclusion barred coverage for a lawsuit against a city chamber of commerce for allegedly interfering...more

Gallagher

Can Shareholders Just Agree Not to Sue Directors and Officers?

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In recent years, you may have seen an apocryphal quote that says something like: “There are decades when nothing happens, and years when decades happen.” For the legal frameworks that matter to D&O litigation risk—federal...more

Lowenstein Sandler LLP

SDNY Confirms $11M Award in Flextronics v. Allianz, Delivering a Major Win for Policyholders

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A recent decision from the Southern District of New York provides D&O policyholders with favorable precedent on allocation, best-efforts obligations, and insurability. In Flextronics International Ltd. v. Allianz Global...more

Tarter Krinsky & Drogin LLP

A Primer on Construction-Related Insurance Products

With increasing frequency, at Tarter Krinsky & Drogin, we find our attorneys assisting owners and developers in connection with assessing and procuring the necessary policies of insurance associated with their construction...more

Hogan Lovells

PRODUCT | PFAS Risks: Regulation, Litigation and Insurance Considerations

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Product Law Outlook: Developments, Updates, Compliance, and Trends - Per- and polyfluoroalkyl substances (PFAS) have been used in various industries since the 1940s. In recent years, growing scientific attention has prompted...more

A&O Shearman

BGH Decides On The Exclusion For Knowing Breaches of Duty in D&O Coverage Litigation

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A knowing breach of the payment prohibition under insolvency law cannot be inferred from a breach of the obligation to file for insolvency. On November 19, 2025, the German Federal Court of Justice (Bundesgerichtshof;...more

Goldberg Segalla

[Webinar] The Evolving Risks and Exposures Presented By AI - December 16th, 12:00 pm - 1:00 pm EST

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Join Goldberg Segalla partner Dan Strick and attorney Andrew Simmers for a look into emerging risks presented by generative artificial intelligence. Dan and Andrew will discuss AI-related claims, how current policies apply,...more

Wiley Rein LLP

Bankruptcy Court Limits Estate’s Reach: Trustee Cannot Claim D&O Insurance Proceeds for the Estate

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The United States Bankruptcy Court for the Southern District of Texas, applying federal bankruptcy law, has held that proceeds of a management and entity liability policy were not property of the entity debtor’s bankruptcy...more

Wiley Rein LLP

“On Behalf Of” Requirement Narrows Defense Cost Recovery Under D&O Policy

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The United States District Court for the Central District of California, applying California law, has held that an insurer was not required to cover attorneys’ fees for work performed for an insured’s special committees or...more

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