Bump-Up Exclusion Unambiguously Bars Coverage, Insurers Argue To 4th Circuit

Mealey's ( September 16, 2024, 8:25 AM EDT) -- RICHMOND, Va. — Asserting that an appellant insured “has it backward,” insurers asked the Fourth Circuit U.S. Court of Appeals to affirm a lower federal court’s holding that a “bump-up” exclusion unambiguously precludes directors and officers liability insurance coverage for the $90 million settlement of two underlying lawsuits arising from a 2015 merger....