Secure Energy Loses D&O Coverage For $4M Suit After Delay

Law360, New York (May 17, 2013, 2:21 PM EDT) -- A Missouri federal court ruled Wednesday that Secure Energy Inc. could not win coverage under directors and officers policies for a $3.8 million breach of contract suit because it waited too long to report the claim, holding that it was irrelevant whether the late notice actually prejudiced the insurer.

U.S. Magistrate Judge Terry Adelman granted Philadelphia Indemnity Insurance Co.'s motion for summary judgment in the coverage dispute, turning down Secure Energy's arguments that the insurer was required under Missouri law to show prejudice from its late...
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