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Everest National Insurance Co. Suit Denying Post-Acquisition Law Suit


Thursday, April 22, 2021
Everest National Insurance Company has filed a lawsuit denying any obligation to cover a post-acquisition lawsuit by a credit union alleging fraud against two banks and their executives. The seller paid additional premium for an extended reporting period to report claims based on pre-acquisition wrongful conduct, but the insurer denied coverage on the ground that any claims asserted by the buyer are excluded under the D&O policy’s “insured vs. insured” exclusion. The decision underscores the importance of not only ensuring continuity of D&O coverage before and after a transaction but also evaluating all possible claim scenarios arising out of a deal to ensure that all stakeholders are adequately protected. ....

Company Or Insured Person , Central Bank , Everest National Insurance Company , Everest To First Business Bancorp , First Business Bancorp , National Insurance Company , South Central Bank , First Business , Reporting Period , Business Bancorp , நிறுவனம் அல்லது காப்பீடு செய்யப்பட்டது நபர் , மைய வங்கி , எவரெஸ்ட் தேசிய காப்பீடு நிறுவனம் , தேசிய காப்பீடு நிறுவனம் , தெற்கு மைய வங்கி , முதல் வணிக , புகாரளித்தல் காலம் ,