Did an insurance broker have a duty to advise higher flood limits?

Does an insurance broker with a long-term client have a 'special relationship' requiring the broker to advise the client to seek higher insurance limits? Here's what a N.J. appellate court said.

By Steven A. Meyerowitz, Esq., Director, FC&S Legal | Updated on May 12, 2017

This story is reprinted with permission from FC&&S Legal, the industry’s only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe.

A New Jersey appellate court in a Superstorm Sandy case has ruled that, in the absence of a “special relationship,” an insurance broker had no duty to provide a commercial property owner with quotes for higher flood insurance policy limits.

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