Ray Jast has provided straightforward and reliable coverage analysis and litigation monitoring services to U.S., London and Bermuda insurers for more than 30 years. He focuses his coverage practice on professional liability and fiduciary liability, with special emphasis on D&O liability, and financial institution matters.
On a nationwide basis, Ray has handled complex coverage cases involving major companies and significant corporate and financial challenges, including Enron, WorldCom, Bank One, J.P. Morgan, Global Crossing, Conseco, IPO Laddering, Pender, Insurance Broker Contingent Commission and Mutual Funds. He has been involved in numerous mediations and settlement conferences in high-profile matters, has advised insurers on policy drafting/wording issues, and has assisted in establishing and handling program business.
In all matters for which he is retained, Ray provides his clients with a frank assessment of their potential exposure and utilizes sound judgment based on his years of experience in determining when to settle and when to litigate a particular claim.
Areas of Focus
Directors & Officers Liability
Ray has many years of experience advising and representing insurers in the area of directors and officers liability, and has been engaged in all aspects of claims resolution and litigation involving D&O policies.
Ray’s clients have prevailed in court on numerous coverage defenses in D&O cases: retro date exclusion (Summit Medical), no action clause (S&S Healthcare), disgorgement of ill-gotten gain (Conseco), insured v. insured exclusion (Kentucky Housing Authority), failure to exhaust underlying limit (Qualcomm), late notice (Central Bank), and scope of notice of potential claim (Washington National Bank).
In the financial institutions area, Ray has served as coverage/monitoring counsel for investment bankers’ professional liability, financial institution bonds, commercial crime and securities broker/dealer liability claims.
Ray has represented fidelity insurers that issue financial institution bonds to banks and other financial institutions and commercial crime policies to nonbank commercial entities. He has represented major insurers in high exposure fidelity matters, as well as surety insurers that issued bonds in various contexts and circumstances. He was heavily involved in the S&L/failed bank crisis, successfully arguing to two federal Courts of Appeal the regulatory exclusion.
Ray has significant experience in professional liability pertaining to lawyers, accountants, insurance companies, real estate brokers, and architects and engineers. Throughout his career, he has provided both coverage analysis and litigation services in the area of professional liability.