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Business Seller’s Management Liability Policy Covered Buyer’s $17 Million Negligent Misrepresentation Claim

Policy’s breach of contract exclusion did not apply to a claim made by a business buyer against the seller for making negligent misrepresentations during M&A negotiations because the claim was based upon a tort and not a breach of the

Posted in breach of contract exclusion, claim against seller's liability insurance, insurance coverage Tagged with: ,

Seller’s Insurance Broker Sued for Failing to Add Buyer as Loss Payee

Introduction It is not uncommon for the buyer of a business to be named as a loss payee on a seller insurance policy whether it be property, liability or business interruption coverage. As part of the process, the seller’s insurance

Posted in asset purchase agreement, certificate of insurance, insurance broker duty, insurance coverage, loss payee Tagged with: , ,

Stock buyer covered as successor to seller under target D&O policy

On November 3, 2015, Buyer entered into a stock purchase agreement pursuant to which Buyer became the 100% shareholder of Target. After the sale closed, Buyer sent demand letters to Management Sellers, former Target Directors, seeking indemnification for financial misconduct

Posted in ambiguous exclusion, directors and officers insurance policy, insurance coverage, major shareholders exclusion, stock purchase agreement Tagged with:

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