Court: Bond exclusion barred coverage after extensions weren't secured

04/24/2013 | Lexology.com (free registration)

Coverage for a homeowners association's claims against a property-management company is prohibited because of a bond exclusion in a professional liability policy held by the property manager, a federal court in California has ruled. The court said the exclusion applies to any claim that "in any way involv[ed] the failure to effect or maintain any insurance or bond." The property-management company was ordered to reimburse its insurer's settlement payout for the underlying action.

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