No Coverage For $40M Judgment Arising From Defaulted Bonds, 11th Circuit Affirms
(October 12, 2015, 2:04 PM EDT) -- ATLANTA — The 11th Circuit U.S. Court of Appeals on Oct. 5 affirmed a lower federal court’s ruling that a directors, officers and private company liability insurer has no duty to satisfy a $40,410,729 judgment entered against an insured in a coverage dispute arising from defaulted land development bonds (Bond Safeguard Insurance Co, et al. v. National Union Fire Insurance Company of Pittsburgh, PA., No. 14-15233, 11th Cir.; 2015 U.S. App. LEXIS 17471).