In the recent decision, Furtado v. Lloyd’s Underwriters, 2023 ONSC 5803, the Ontario Superior Court of Justice has provided insight on the issue of when an insured under a Directors and Officers’ Liability Policy may be precluded from seeking coverage for his legal costs due to a delay in notifying the insurer. Background The insured was covered by a Director and Officers’ Liability Policy issued by the respondent. He made a claim under the policy for defence costs related to an Ontario Securities Commission (“OSC”) investigation and receivership proceeding. The respondent denied coverage on the basis that the applicant did ... [more] Full article