Court Erred In Finding Exclusion Barred D&O Coverage, Panel Says In Reversal

(October 24, 2023, 1:56 PM EDT) -- CHICAGO — An Illinois appeals panel reversed a lower court’s finding that an insurance policy’s exclusion for insureds’ failure to “establish or maintain adequate reserves” barred directors and officers liability coverage for an underlying breach of fiduciary lawsuit that condominium unit owners brought against a condominium association and its directors....

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