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Personal Profit Or Advantage Exclusion Bars Coverage, Panel Says On Remand

(September 12, 2017, 1:27 PM EDT) -- LANSING, Mich. — A Michigan appeals panel on Sept. 7 held that an insurance policy’s personal profit or advantage exclusion applies to bar coverage for an underlying consent judgment arising from an alleged “conduit financing scheme” between charter schools (Employers Mutual Casualty Co. v. Helicon Associates, Inc., et al., No. 322215, Mich. App., 2017 Mich. App. LEXIS 1405).

(Per curiam opinion available.  Document #13-170921-003Z.)

‘Conduit Financing Scheme’

The Dr. Charles Drew Academy is a charter school that is operated by Helicon Associates Inc., which was managed...
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