In a claims-made D&O insurance policy, an exclusion clause using the phrase 'had or has' in relation to claimant attributes operates at two temporal points: the time of the wrongful act and the time the claim is brought. An insurer is not required to demonstrate an objectively justifiable commercial rationale for an exclusion clause before relying on it, provided the wording in its natural meaning clearly reflects the underwriting decision. The decision in [name withheld] v [name withheld] does not establish a general principle that exclusion clauses must be construed as applying only at the time of the insured event.
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