Insurer Must Cover Warhol Foundation's $4.6M In Legal Fees
By Gavin Broady (December 10, 2012, 3:36 PM EST) -- The Andy Warhol Foundation for the Visual Arts on Friday prevailed in a New York state suit after a judge ruled its more than $4.6 million in legal fees stemming from art collectors' suits should be covered under a Philadelphia Indemnity Insurance Co. directors and officers policy.
New York Supreme Court Judge O. Peter Sherwood rejected PIIC's argument that a $10 million D&O policy it inked with the foundation should not apply due to a "professional services" stipulation, after determining that the art authentication services provided by the Warhol foundation were not unambiguously a professional service under the policy language....
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