BROOKLYN, N.Y.--While the courts often rule in favor of insurance brokers and agents in errors and omissions cases, many producers opt to settle rather than risk the vagaries of the legal system, according to a legal expert.
David Paige, an attorney with DeWitt Stern Group Inc., discussed the trends and exposures agents face in the legal system at a continuing education session held here last Thursday during the Professional Insurance Agents of New York's annual Metropolitan Regional Awareness Program.
While the courts often find in favor of insurance brokers in E&O cases, he said the legal system pressures producers to settle cases instead of going to trial. Judges are asking the parties to come to a settlement rather than go to trial as well.
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