P litigation exclusion (pending or prior)The exclusion in most D&O, EPL, fiduciary and similar insurance policies that eliminates coverage for any claim made during the policy period, which relates to any claim pending on or prior to the inception of the policy (or some other designated date) or the facts, circumstances, or situations underlying or alleged in any such prior litigation. This pending and prior or P&P litigation exclusion may, depending upon the specific policy language, apply only to prior litigation against the insureds or to prior litigation against anyone. Similarly, the exclusion may apply only to prior litigation or also to prior proceedings and demands.