A recent Delaware Supreme Court opinion addressed the titular topic in the matter styled In Re Solera Insurance Coverage Appeals, Nos. 413, 418, 2019 (Del. Oct. 23, 2020). I’m too busy to provide even pithy highlights, but it’s a consequential decision, so I refer you to the overview provided on the Harvard Corporate Law Blog.
Delaware’s High Court determined that the costs incurred to defend an appraisal action were not covered by the term “securities claim” in a D&O policy.