VentureLab Biotech Thought They Were Fully Insured... The Policy Exclusion Proved Otherwise.
Most Directors & Officers (D&O) Liability Insurance policyholders never realize how specific policy language can affect their policies — until they learn how it can affect a claim. My Policy Advocate™ helps you understand your coverage before you need it.
VentureLab Biotech’s Fraud Exclusion*
VentureLab faced a shareholder lawsuit after the CFO delayed informing the board about a supplier’s critical cost increase. When the news leaked, the D&O insurer denied the claim, asserting the CFO’s failure to disclose was “fraudulent conduct” excluded from coverage.
Potential Denial (The Exclusion):
Claims arising from alleged fraud, dishonesty, or deliberate breach of fiduciary duty can void D&O coverage, leaving directors exposed to personal liability.
Risk Identified by My Policy Advocate:
Fraud or dishonest acts exclusion.
Policy Language:
“This policy shall not apply to claims arising from any dishonest, fraudulent, or criminal act of the Insured.”
Discovery by Clara, our Ai Assistant:
Clara flags the exclusion for intentional or fraudulent acts, prompting a review of the policy’s clauses for advancement of defense costs before a final resolution.
Questions to Ask Your Agent:
- What evidence defines ‘dishonesty’?
- Does the policy provide advancement of defense costs before resolution?
* This scenario described is fictious and is solely for illustrative or educational purposes so the insured has the opportunity to discuss these issues with their licensed insurance producer.
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