Bump-up exclusion (also called an inadequate consideration exclusion) is a provision in some directors and officers (D&O) liability insurance policies. It excludes or limits coverage for claims alleging that directors or officers approved a merger, acquisition, or similar transaction at an unfair price. For example, shareholders may claim they received too little for their shares in a takeover and seek additional compensation. The exclusion may preclude coverage for that additional amount. The wording and scope of bump-up exclusions vary between policies. See also: directors & officers liability insurance, exclusion.