Panel: ‘Insured Vs. Insured’ Exclusions Bars Coverage For Claim Over Stock Buyback
Mealey's (April 5, 2016, 10:04 AM EDT) -- TALLAHASSEE, Fla. — A Florida appeals panel on April 4 held that the “insured versus insured” exclusion in a directors and officers liability insurance policy precludes coverage for an underlying judgment in excess of $1 million arising from a stock buyback (Dennis Durant v. Brian James and Progressive Casualty Insurance Co., No. 1D15-3075, Fla. App., 1st Dist.; 2016 Fla. App. LEXIS 5168).
(Opinion available. Document #13-160407-049Z.)
Dennis Durant is a former director and shareholder in Bonifay Holding Co. Inc., and Brian James was Bonifay’s president and...