Zale Corp. v. Berkley Insurance Co.
The court found that two excess insurers had no duty to cover a multi-million dollar settlement arising out of an appraisal action because the wrongful act that resulted in the settlement could not have occurred until after coverage ended even if the appraisal action was tangentially related to an earlier shareholder lawsuit arising out of the merger forming the basis for the appraisal action.
directors & officers liability insurance policy, excess policy, umbrella policy, wrongful act, interrelated,related, run-off endorsement
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