District court's entry of summary judgment in favor of the insurer is affirmed as director and officer (D&O) policies exist to fund indemnification covenants that protect corporate directors and officers from personal liability, not to protect the corporation, and to extend coverage to situations in which the directors and officers are not themselves the actual targets of the claims made would transmogrify D&O policies into comprehensive corporate liability policies which is contrary to both the letter and the spirit of the D&O policy at issue.
Appeal from the United States District Court for the District of Maine
Decided October 8, 2009
Before: Ripple, Howard, and Syla, Circuit Judges
Opinion by Seyla, Circuit Judge
For Appellant: Jeffrey T. Edwards, Preti, Flaherty, Beliveau & Pachios, LLP