Enmeshed in a shareholder litigation dispute, one of the warring parties neglected to request insurance coverage from its insurer for nine months after it first knew about the claim. The policy required notice within 90 days of the time the insured knew about the claim. The court held that the insured must be held to know the terms of its own policy and that its notice to the insurance company was too late. The case was Zurich American Insurance Co. v. UIP Companies LLC, decided by the United States Court of Appeals for the District of Columbia.
For a copy of the case, to discuss shareholder rights and responsibilities, or to review an insurance policy, get in touch with Thomas E. Patterson at 312-750-1822 or email@example.com.