When a suit is filed against an insured, the wording of every liability insurance policy requires the insured to report that suit to the insurer in writing. Most insurers find a notice made orally to the company or the agent sufficient because the agent or broker will convert the oral...
New York and most states recognize policy reasons for the narrow view of an insurance broker's duty to its client. Brokers are not insurers and earn not premium income, but commissions for connecting insurers and insureds.
Insurance departments ascertain that insurance producers, agents and brokers are competent and of good moral character before issuing them licenses to provide insurance products.
Insurance agents and brokers are professionals whose actions in placing insurance require compliance with the industry's standards of practice and skills.
Under Missouri law, an insurance agent or broker who undertakes to procure insurance for another for compensation owes a duty of reasonable skill, care and diligence in obtaining the requested insurance.
Insurance producers live in a competitive world. When an agent from one firm moves to another and brings along his clients, the old employer may sue the new employer and the employee for breach of non-competition agreements or other tortious conduct. Usually, the suits are pursued aggressively and because both...
The brokers responsibility is to the insured and failing to fulfill that duty can exonerate the insurer and result in a serious and expensive claim to the broker for inaction.
