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Corporations Keyed to O’Kelley
Owens Corning v. National Union Fire Insurance Co.
Citation:
257 F.3d 484 (2001)Facts
Appellant National Union issued a directors and officers insurance policy to Owens Corning for the policy period from March 8, 1991 through March 8, 1992. The second part of the policy, Coverage B, insured Owens Corning for expenses incurred when Owens Corning indemnified its directors and officers against certain liabilities. Coverage B states that this policy shall reimburse the company for loss from any claim which is first made against the directors or officers and reported to the insurer during the policy period for any alleged wrongful act in their capacities as directors or officers. On October 1991, Owens Corning and six of its directors and officers were named as defendants in a class-action lawsuit brought by several Owens Corning shareholders. The complaint alleged that Owens Corning’s 1988 to 1991 filings with the Securities and Exchange Commission had misrepresented the company’s future financial exposure to asbestos claims, and the defendants had failed to disclose the danger that Owens Corning’s products liability insurance coverage would eventually be exhausted.
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