HNRK Coverage Corner

Earlier this year, the Delaware Supreme Court issued an important 3–2 decision on the application of a “bump-up” provision to losses arising from a merger transaction. (See our previous post about this type of policy provision, here.) In Illinois National Insurance Co. v. Harman International Industries, Inc., C.A. No. N22C-05-098 (Del. Jan. 27, 2026), the court affirmed an award of summary judgment for the policyholder, holding that three D&O insurers—AIG, Chubb, and Berkley—could not invoke a “bump-up” provision to deny coverage for a $28 million settlement of ...