In their ordinary business relationships with clients, agents are not fiduciariesThe Ohio Court of Appeal recently provided some comfort to insurance agents and brokers regarding their responsibilities to clients with whom they have ordinary business
A spectacular example of being out of trust and its consequencesWhen an insured writes a check to his insurance agent or broker, he expects the funds to be paid to the insurer. Professional agents and brokers keep these funds in a trust account at a
Failure to spot clerical error no bar to equitable reformation of policyIn 1998, a company bought a comprehensive commercial property insurance policy. Among other things, it provided $5 million in earthquake coverage for various buildings the
Wording on certificate alone does not grant additional assured status Insurance agents and brokers must issue certificates of insurance only with the certainty that the certificate accurately states the facts of the particular case. Failure to use
Agency has no duty to procure coverage it did not agree to obtain(In June, the Wisconsin Supreme Court helped insurance agents who help themselves. Its decision in the following case teaches prudent agents and brokers to write summaries of important
Finance company's cancellation of policy pre-empts insurer's (Like insurance policies, premium finance contracts are almost never read by the parties to the agreement. Often, insureds authorize their agent or broker to sign the contract and bind them
(Editor's note: In this month's issue, we introduce a new "Down to Cases" columnist, Barry Zalma, Esq., CFE. Barry is an attorney and consultant. We hope you enjoy his columns.) Insured's misunderstanding cannot overcome clear policy language
What happens when two policies cover the same dwelling? (Editor's note: This will be the final "Down to Cases" column from Don Renau, who died in April. Starting with next month's issue, attorney Barry Zalma, a claims expert and frequent contributor
Coverage for motor cargo "in transit" may apply while trailer is parkedA cargo company in Tennessee arranged to have an independent trucking company transport freight for it. The trucking company agreed to indemnify the cargo company for any loss,
Insureds can't recover for claims they won't discuss under oathThe insureds in this Alabama case owned a convenience store. They bought an insurance policy for it that had a coverage period commencing March 13, 2001. The insureds submitted claims