HNRK Coverage Corner
On August 10, 2023, Judge Rennie of the Superior Court of Delaware issued a decision in a pair of cases, Viacom Inc. v. Paramount Global, C.A. N22C-06-016 SKR CCLD and Redstone v. ACE American Insurance Co., C.A. No. N22C-06-020 SKR CCLD, ruling that a D&O policy’s “bump-up” exclusion did not apply to losses arising from a merger transaction.
The coverage dispute arose from a 2019 transaction through which Viacom merged with CBS. As a result of the all-stock transaction, “all assets of Viacom ‘vest[ed] in CBS, and CBS was the surviving corporation.” Shareholders ...
On July 13, 2023, the Eleventh Circuit issued a decision in Continental Casualty Co. v. Winder Laboratories, LLC, Case No. 21-11758, resolving an issue of first impression under Georgia law—whether an insurer can recoup defense costs it paid under a duty to defend policy upon a finding that the insurer has no duty to indemnify the insured. The Court ruled that such recoupment is not permitted unless the policy expressly provides for it, explaining:
As an initial matter, we disagree with the insurers’ argument that there is a clear “majority” rule favoring recoupment across ...
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Recent Posts
- Brad Nash and Milan Sova Author Article in ABA Journal on Wildfire Coverage and Occurrence Disputes
- HNRK Insurance Recovery Partners Author Article for Chambers 2025 Global Practice Guide
- The Coverage Corner is Vindicated! North Carolina Supreme Court Rules That Covid-19 Business Interruption Losses Are Covered by Commercial Property Insurance Policy
- Court Rejects Excess Insurer’s Attempt to Avoid Coverage Based on “Improper Erosion” of Primary Policy Limits
- HNRK in the New York Law Journal on the “Expected or Intended” Exclusion Standard Coverage Defense
- Delaware Bankruptcy Court Rules That Qui Tam Action Filed Under Seal—and Never Served—Triggers D&O Policy’s Prior and Pending Litigation Exclusion
- “Related Acts” and the Claims Made Policy—The Policy Provision that “Cannot Be Applied Literally”
- California Court Rules that FTC’s Civil Investigative Demand is Not a Covered Claim Under Technology Errors and Omissions Policy
- Delaware Court Dismisses D&O Coverage Action as Premature Under Policy’s “No Action” Clause
- Chubb Prepares to Pay $350 Million to State of Maryland for Baltimore Bridge Collapse
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