Section 9.13 Who Are Covered Parties?

• Library: Insurance Practice 2015

Within each director and officer policy are two separate branches of coverage. First, coverage is provided to individual insured directors and officers, subject to the terms and exclusions contained in the policy. An insured is any person who was, is, or shall in the future be a director or officer of the company holding the policy. See FDIC v. Mijalis, 15 F.3d 1314, 1328 (5^th Cir. 1994); Parker v. Watts, No. 85-4654, 1987 WL 7450 (E.D. La. Feb. 27, 1987) (holding that this definition of an insured precluded coverage when claims arose before an insured individual became an officer and...