The Eleventh Circuit court concluded Florida law was unclear regarding claims of negligence and breach of fiduciary duty, and a contract dispute between an insurance broker and a Florida condo association made its way to the state Supreme Court for resolution following an appeal to the Eleventh Circuit in Tiara Condominium Assn. Inc., A Florida Non-Profit v. Marsh & McLennan Cos. Inc., A Delaware Corp., No. 09-11718 (11th Cir. 04/16/2013).
The Florida Supreme Court, in turn, stated that the application of the economic loss rule is limited to products liability cases in Tiara Condominium Assn. Inc. v. Marsh & McLennan Cos. Inc., Fla: Supreme Court No. SC10-1022, Supreme Court of Florida, March 7, 2013.
This case is important to insurance agents and brokers doing business in Florida or any other state that limits the economic loss rule to products liability. It means that an insurance broker can be sued for its negligence even though the damages are only for economic losses.
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.
