Refers to an exclusion format in some D&O insurance policies pursuant to which some exclusions apply to both Insuring Agreement A (i.e., coverage for non-indemnified loss) and Insuring Agreement B (i.e., coverage for indemnified loss), and other exclusions apply only to Insuring Agreement A. The exclusions that typically apply only to Insuring Agreement A under a split exclusion format are the fraud/willful violation of statute, illegal personal profit and the Section 16(b) exclusions. Unlike other standard exclusions in the D&O insurance policy, these exclusions are generally included within the policy because the conduct described in the exclusions is generally considered to be conduct for which the directors and officers should not be protected by insurance. However, if the company is permitted to indemnify the directors and officers for such conduct, then the D&O insurer arguably should reimburse the company for that indemnification obligation and thus the exclusions arguably should not apply to Insuring Agreement B, but only Insuring Agreement A. Only some D&O insurance policies contain this split exclusion format. The remaining policies apply all exclusions to both Insuring Agreements and therefore all exclusions apply regardless whether the company is permitted to indemnify for the loss.