Editor's note: Colleen Murphy is a partner and Fallyn Cavalieri is an associate with the law firm Goldberg Segalla.
Minimizing an insurance producer's errors and omissions (E&O) exposure due to an insurer's insolvency has been a longstanding concern for agents and brokers.
It is important for agents and brokers to understand what their legal duties are in the specific states in which they are selling insurance, and whether any state statutes exist providing that that they must advise insureds of insurer insolvency. (e.g. Mich. Comp. Laws Ann. § 500.8123).
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