Risk is a concept with which we are intimately acquainted.36 Those who wager correctly are rewarded and those who guess wrong suffer losses. The purpose of insurance is to disperse that risk. But “[a]n insured cannot insure against something that has already begun and which is known to have begun.”
The “prior publication” exclusion prevents a continuing tortfeasor from passing the risk for its misconduct on to an unwitting insurer. Taking Navajo Nation’s underlying allegations as true, Urban Outfitters engaged in similar liability-triggering behavior both before and during Hanover’s coverage period. We therefore hold that the exclusion applies. For the foregoing reasons, we will affirm the District Court’s order granting Hanover’s motion for judgment on the pleadings.