After Late Notice Of D&O Claim, Court Rules Insured On The Hook For Own Defense

Thursday, September 12th, 2019 Excess & Surplus Lines Litigation

In an underlying suit, four interrelated limited liability companies were at each other’s throats over a conflict of interest business deal.

The companies were as follows: Virsenet, ShipCom, Global Whiteband HF Net (Global), and US HF Cellular Communications (USHFCC). Virsenet owned USHFCC in its entirety. USHFCC owned 80% of ShipCom.

All four were operated out of Laguna Beach and shared the same office manager.

ShipCom operated a maritime communications network and had obtained a waiver that allowed ShipCom exclusivity to this tech.

But, ShipCom’s owners discovered USHFCC was making plans to exploit the waiver and exclude ShipCom from potential profits.

ShipCom’s owners filed suit.

---

https://riskandinsurance.com/after-late-notice-of-do-claim-court-rules-insured-on-the-hook-for-own-defense/

---