Chris Bannon and Amber LaFevers Obtain Declaratory Judgment For Claims-Made Insurer
Coverage attorneys Christopher J. Bannon and Amber O. LeFevers successfully litigated a declaratory judgment action for the firm’s client, a financial institutions errors and omissions insurer, resulting in a June 13, 2016, judgment in the insurer’s favor. The court declared that the insurer has no duty to defend or indemnify the insured bank against a $7 million lawsuit arising out of alleged misrepresentations made to investors.
The insured bank sought coverage for the investor’s lawsuit, which was filed after the insurer’s “claims made” insurance policy expired. The insurer disclaimed coverage because the claim was not made within the policy period. After the insurer filed a declaratory judgment action requesting that the court declare the parties’ rights and obligations, the investors asserted that the insured previously preserved coverage for the suit by sending the insurer a “notice of circumstances” letter, during the policy period, which fulfilled the claims made policy’s notice requirements.
The court disagreed, holding that the bank’s letter did not provide sufficient information to place the insurer on notice of circumstances that could give rise to the investors’ eventual post-policy suit against the bank.
CLICK HERE for a copy of the opinion.
About Christopher J. Bannon
Christopher Bannon focuses his practice on helping clients resolve commercial disputes through litigation, mediation, arbitration and other dispute resolution methods. He devotes a substantial part of his practice to representing insurance companies in resolving complex coverage disputes arising out of various types of insurance policies and relationships.
About Amber O. LaFevers
Amber LaFevers is a commercial litigator who focuses her practice on analyzing and litigating complex business disputes involving insurance coverage, corporate control and general corporate matters. She is regularly engaged in protecting client’s interests and effectively litigating and resolving high-stakes claims involving a wide variety of insurance coverage disputes.