Bank Execs Win D&O Coverage For $7M FDIC Suit

Law360, New York (February 6, 2013, 2:13 PM EST) -- A North Carolina federal judge on Tuesday ruled Cincinnati Insurance Co. is on the hook for a policy owned by directors of failed Bank of Asheville it claimed had expired prior to the directors' request for coverage of a $7 million Federal Deposit Insurance Corp. suit.

U.S. District Judge Henry M. Herlong Jr. held that Cincinnati neglected to include an automatic 60-day extended reporting period in scheduling the policy period of an extended supplemental directors and officers policy purchased by the plaintiffs, who were targeted in...
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