Buried Treasure – Part Three

DO “BURIED TREASURES” EXIST?  Part Three of a Three Part Series Ascertaining Whether Buried Treasure Exists Requires a Five-Part Analysis These issues include: 1.       Did the company give notice to the insurers on risk as of the date of the first alleged “wrongful act” as well as all subsequent carriers and those at higher levels…

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Commercial General Liability (“CGL”) Insurer Must Defend Suit Alone Under Atypical Director and Officer (D&O) Policy “Other Insurance” Provisions

Fieldston Prop. Owners Ass’n, Inc. v. Hermitage Ins. Co., Inc., 16 N.Y.3d 257, 945 N.E.2d 1013 (2011) The New York Court of Appeals, answering a certified question from the New York Appellate Division concluded that under the terms of Federal’s D & O policy “other insurance” exists which would cover the ‘loss’ arising from the…