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Case 1:20-bk-12043 Doc 466 Filed 10/09/20 Entered 10/09/20 14:25:40 Desc Main <br />Document Page 6 of 9 4 <br />corporation does not enjoy direct coverage under a D & O <br />policy. It is insured indirectly for its indemnification <br />obligations. In essence and at its core, a D & O policy <br />remains a safeguard of officer and director interests and <br />not a vehicle for corporate protection." <br />In re First Cent. Fin. Corp., 238 B.R. 9, 16 (Bankr. E.D.N.Y. 1999) (emphasis <br />added). <br />That court explained that: <br />"In general terms, the typical D & O policy contains two <br />insuring clauses. The first clause provides liability coverage <br />directly to the officers and directors of a corporation for <br />claims asserted against them for wrongful acts, errors, <br />omissions, or breaches of duty. Frequently, legal expenses <br />are included in this coverage, with defense costs often paid <br />on an ongoing basis. <br />The second insuring clause provides indirect coverage to the <br />corporation for reimbursement of any monies expended to <br />indemnify its officers and directors either by operation of <br />state law or under the corporate bylaws ... The Policy here <br />fits this basic pattern." <br />Id. This is also the case with the Debtor's D&O Insurance Policy. <br />3. Thus, the mere fact that Debtor Rhino is the party that may be a pass -through conduit for <br />the indemnity payment from the insurer is largely irrelevant; the indemnification coverage, <br />