Eversheds Sutherland 11th Circuit Business Blog
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When Choosing a Policy with a “Prior Acts” Exclusion, Buyer Beware

Bank directors ended up with no insurance coverage in Zucker v. U.S. Specialty Insurance Co., 2017 WL 2115414 (11th Cir. May 16, 2017).  The Eleventh Circuit, applying Florida law, applied a “prior acts” exclusion from D&O coverage to allegedly fraudulent transfers which were made after the policy’s inception date but which arose out of bank officers’ alleged misconduct before the...