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Florida Supreme Court: Brokers Can Be Sued for Economic Loss Negligence

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...

By Barry Zalma | Updated on June 30, 2013
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.

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