16 Sept 2016
TRUSTEES EXECUTORS LIMITED v FUND MANAGERS CANTERBURY LIMITED [2016] NZHC 2194
- Citation
- [2016] NZHC 2194
- Court
- High Court
The Court answered the preliminary question in the affirmative: the giving of the quarterly certificates and directors' confirmations constituted 'the performance of professional services for others for a fee' within Endorsement 005 of the D&O policy and, on that basis, Endorsement 005 excludes cover under the D&O policy for the claims based on those documents. The Court further interpreted the D&O and PI policies together to avoid leaving the insureds uninsured, recognising that the PI policy would provide cover where appropriate despite the D&O exclusion.