Zale Can't Tap Excess Policies To Cover $34M Appraisal Deal

By Jeff Sistrunk (August 3, 2020, 8:28 PM EDT) -- A Texas appeals court has affirmed that Zale Corp. cannot force two excess insurers to help cover its $34.2 million settlement of a shareholder appraisal action over its 2014 sale to Signet Jewelers Ltd., holding that coverage is barred because the merger occurred after the policy period ended.

A panel of the Fifth District Court of Appeals agreed with a trial court that Berkley Insurance Co. and Starr Indemnity & Liability Co. are absolved of any coverage obligations under their excess directors and officers policies because the Zale shareholders' right to seek appraisal of the value of their shares did not...

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