Opinion ID: 779674
Heading Depth: 3
Heading Rank: 1

Heading: The D & O Policy

Text: Telxon, a global designer and manufacturer of wireless and mobile information systems, purchased from Federal an Executive Liability Indemnification Policy, commonly known as a directors and officers policy (hereinafter, the D & O policy), covering claims made against its directors and officers during the period of May 1, 1992 to May 1, 1993. The D & O policy contained an Insuring Clause entitled Executive Liability Coverage, which provided that Federal shall pay on behalf of each of the Insured Persons all Loss for which the Insured Person is not indemnified by the Insured Organization and which the Insured Person becomes legally obligated to pay on account of any claim first made against him, individually or otherwise, during the Policy Period ... for a Wrongful Act committed, attempted, or allegedly committed or attempted, by the Insured Person(s) before or during the policy period.