Perkins Coie LLP on Britt v. Twin City: Private Equity Firms Should Review the Scope of the Insurance Purchased to Cover Claims Against Them and the Individuals They Place as Directors (PDF)
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The decision in Britt v. Twin City Fire Ins. Co.(C.D. Cal. 2013) highlights important insurance considerations for private equity funds and the individuals they place as directors or officers at portfolio companies. The decision demonstrates potential gaps in coverage that can arise when a private equity firm relies solely on the insurance coverage purchased by its portfolio companies to protect the individuals it places as directors or officers.
Michael T. Sharkey is a partner in the insurance coverage practice of Perkins Coie LLP, where he represents policyholders in insurance coverage disputes nationwide. He also counsels policyholders on the insurance implications of various transactions and agreements. The opinions expressed in this article are those of the author and not necessarily those of any of his clients. He can be reached at MSharkey@PerkinsCoie.com.
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