A bankrupt ferry operation, barred from collecting on a boat damage claim after it misrepresented the vessel's value, is not entitled to damages from its brokers for failing to inform them about other aspects of coverage, a New Jersey appeals court ruled.
The decision last week by the New Jersey Superior Court, Appellate Division, was hailed as key win by insurance trade organizations.
Both the Professional Insurance Agents of New Jersey Inc. and the Independent Insurance Agents and Brokers of New Jersey applauded the decision by a three judge panel as "a clear victory for the agent and broker community"
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