Coventree Provides Further Update on D&O Insurance Claim
September 21 2011 - 10:20AM
PR Newswire (Canada)
NEX Symbol: COF.H TORONTO, Sept. 21, 2011 /CNW/ - Coventree
Inc. (NEX: COF.H) ("Coventree" or the "Company") today provided a
further update on its previously announced claim against Navigators
Pro, on behalf of Lloyds Syndicate 1221 (Millenium Syndicate)
(collectively, "Navigators Pro"), for coverage under its directors
and officers liability insurance policy with Navigators Pro. In
October 2010, the Company commenced proceedings in the Superior
Court of Justice of Ontario against Navigators Pro in respect of
its claim for coverage under the policy 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. On September 13,
2011, the Court ruled that the Navigators Pro policy is operative
and must respond to the claim made by Coventree for coverage under
that policy. Navigators Pro has now appealed that decision to
the Ontario Court of Appeal. The date for the hearing of the
appeal has not yet been set but Coventree expects that it will not
be heard before 2012. 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. Coventree Inc. CONTACT:
Craig ArmitageThe Equicom Group Inc.Tel: (416) 815-0700 x278Email:
carmitage@equicomgroup.com -or-Ani Hotoyan-JolyCoventree Inc.Tel:
(416) 572-2721Email: ani@coventree.ca
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