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By Barry Zalma, ESQ., CFE, owner, Zalma Insurance Consultants

The Coventry First case should cause great concern to all insurance agents and brokers. In People ex rel Cuomo v. Coventry First LLC, No. 115 (N.Y. 06/30/2009), New York found, on the basis of a pleading issue where the court was required to take the language pleaded to be true, a fiduciary relationship where one had never existed before. A fiduciary relationship exists between two persons when one of them is under a duty to act for or to give advice for the benefit of another upon matters within the scope of the relation, such as a trustee or executor.

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