Section 9.29 Has There Been a “Loss” as a Result of the Claim?
| Library | Insurance Practice 2015 |
As set out in the insuring clause, a “loss” can be broadly characterized as any amount that an insured is legally obligated to pay. When there is coverage under a director and officer policy, that coverage is for the “loss” incurred and not for the “claim” that occasions the loss or for the “wrongful act” that brings about the claim. Gilliam v. Am. Cas. Co. of Reading, Pa., 735 F. Supp. 345, 351–52 (N.D. Cal. 1990).
As defined in the policy discussed in FDIC v. Mijalis, 15 F.3d 1314, 1328–29 (5th Cir...
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