Rash claim decision costs agent $12.6 million
 |
Insurance agents and brokers should never make a claims decision. Claims handling is the duty of the insurer's claims staff. When a claim is reported to an insurance agent or broker, their duty is to immediately report that claim to the insurer to investigate the facts and the policy wording to determine if the loss is compensable under the policy. Failure to do so can lead to discipline from the Department of Insurance and damages incurred by the insured for the error.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
