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Valued Advice

Appeals Court rules agents not bound to advise about replacement cost value

By Barry Zalma | Updated on January 31, 2012

A court of appeals found in favor of an insurance agent regarding an insured’s claim that the agent and his agency failed to properly advise the insured regarding replacement-cost coverage for improvements to the insured’s business.

Walter Angermeier and his company, Wolflin LLC, appealed the trial court’s grant of summary judgment in favor of Schultheis Insurance Agency Inc., and agent William Thompson. Specifically, Angermeier and Wolflin argued that a genuine issue of material fact existed as to whether Thompson and Schultheis Insurance Agency breached a general duty of care and whether special circumstances exist to support liability for failure to properly advise Angermeier and Wolflin about purchasing replacement-cost coverage for the improvements to their business. In Walter Angermeier and Wolflin LLC v. Schultheis Insurance Agency Inc. and William Thompson Agent, No. 65A01-1102-PL-68 (Ind.App. 12/28/2011) the Indiana Court of Appeals found against the insured.

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