Coventree Provides Update on D&O Insurance Claim
September 14 2011 - 8:45AM
PR Newswire (Canada)
TORONTO, Sept. 14, 2011 /CNW/ -- NEX Symbol: COF.H TORONTO,
Sept. 14, 2011 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or
the "Company") today provided an update on the previously announced
notice of application filed by Coventree against Navigators Pro, on
behalf of Lloyds Syndicate 1221 (Millenium Syndicate)
(collectively, "Navigators Pro"), in connection with Coventree's
claim for coverage under its directors and officers liability
insurance policy with Navigators Pro. Coventree's view of the
Navigators Pro policy is that it provided coverage to a limit of $5
million for the matters that were the subject of the notice of
hearing and related statement of allegations issued by Ontario
Securities Commission staff dated December 7, 2009 (the "Notice of
Hearing"). Accordingly, the Company notified Navigators Pro
of a claim under its policy for coverage for Coventree and the
individuals named in the Notice of Hearing. In response, Navigators
Pro advised the Company that it believed that it had no obligation
under the policy to provide coverage in respect of the claims made
against Coventree and the individuals named in the Notice of
Hearing. In October 2010, the Company commenced proceedings in
the Superior Court of Justice of Ontario against Navigators Pro in
respect of its claim under the policy, and the hearing for
Coventree's application was heard in August 2011. The Court ruled
on September 13, 2011 that the Navigators Pro policy is operative
and must respond to the claim made by Coventree for coverage under
that policy. As a result, Coventree intends to continue to
pursue its claim for coverage in respect of the claims made against
Coventree and the individuals named in the Notice of Hearing to the
$5 million limit under the policy. Navigators Pro has the right to
appeal the Court's decision to the Ontario Court of Appeal within
30 days of the date of the Court's decision. As a result,
until the time period for the filing of an appeal has passed or, if
a notice of appeal is filed, until the appeal has been resolved,
there can be no assurance regarding when Navigators Pro will pay
under the policy nor as to whether Navigators Pro will be liable to
provide coverage at all. This press release is intended for
distribution in Canada only. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/14/c3206.html
p Craig Armitagebr/ The Equicom Group Inc.br/ Tel: (416) 815-0700
x278br/ Email: a
href="mailto:carmitage@equicomgroup.com"carmitage@equicomgroup.com/a
/p p -or- /p p align="left" Ani Hotoyan-Jolybr/ Coventree Inc.br/
Tel: (416) 572-2721br/ Email: a
href="mailto:ani@coventree.ca"ani@coventree.ca/a /p
Copyright
Coventree (TSXV:COF.H)
Historical Stock Chart
From May 2024 to Jun 2024
Coventree (TSXV:COF.H)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Coventree (TSX Venture Exchange): 0 recent articles
More Coventree Inc. News Articles