Mist tendered the claim on December 8, 2015. Berkley reserved its rights from day one. In a March 9, 2016 coverage letter, it agreed to pay 10% of legal fees but spelled out the capacity exclusion in full. The clause barred coverage for any loss connected to a claim: “based upon, arising out of, directly or indirectly resulting from or in consequence of, or in any way involving any Wrongful Act of an Insured Person serving in their capacity as director, officer, trustee, employee, member or governor of any other entity other than an Insured Entity or an Outside Entity, or by reason of their status as director, officer, trustee, employee, member or governor of such other entity.”
