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Business Organizations Keyed to Macey
McCullough v. Fidelity & Deposit Co.
Citation:
2 F.3d 110 (1993)Facts
F & D issued four directors’ and officers’ (D&O) liability policies to four affiliate banks, including Harris County Bankshares, Inc. and three of its subsidiaries (banks). The policy covers claims made against the insured officers and directors if the required notice is given to the insurer during the policy period. This coverage is expanded by Section 6(a) of the policy to cover claims made after expiration of the policy term is the insured gives F & D certain written notice during the policy period of potential claims. As requested by F & D, the banks provided F & D with reports describing increasing loan losses and delinquencies. F & D continued to express concern about the banks’ financial condition and informed the banks that it intended to cancel their policies mid-term. FDIC sued the banks’ directors and officers for improperly making, administering, or collecting loans.
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