Insurance agents and brokers are required only to provide the insurance ordered, with an exception: if the agent creates a fiduciary relationship and promises to acquire insurance that the agent proves is needed rather than what is ordered.
The prudent agent or broker will cover the relationship by presenting the coverage to the insured with a letter stating that the policy enclosed is the coverage the insured ordered.
On Aug. 29, 2011, plaintiffs Darnell and Kathleen Green filed suit in Louisiana state court against Ronald C. Guidry (Guidry), Allstate Fire & Casualty Ins. Co. (Allstate), the National Flood Insurance Program (NFIP), and XYZ Insurance Co. (XYZ), Guidry's hypothetical errors and omissions insurer, claiming damages for breach of fiduciary duty, fraud, negligence, detrimental reliance, payment of a thing not owed, and violation of the Louisiana Unfair Trade Practices Act (LUTPA).
Recommended For You
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
© 2025 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.
