A spectacular example of being out of trust and its consequencesWhen an insured writes a check to his insurance agent or broker, he expects the funds to be paid to the insurer. Professional agents and brokers keep these funds in a trust account at a
Failure to spot clerical error no bar to equitable reformation of policyIn 1998, a company bought a comprehensive commercial property insurance policy. Among other things, it provided $5 million in earthquake coverage for various buildings the
Wording on certificate alone does not grant additional assured status Insurance agents and brokers must issue certificates of insurance only with the certainty that the certificate accurately states the facts of the particular case. Failure to use
Agency has no duty to procure coverage it did not agree to obtain(In June, the Wisconsin Supreme Court helped insurance agents who help themselves. Its decision in the following case teaches prudent agents and brokers to write summaries of important
(Editor's note: In this month's issue, we introduce a new "Down to Cases" columnist, Barry Zalma, Esq., CFE. Barry is an attorney and consultant. We hope you enjoy his columns.) Insured's misunderstanding cannot overcome clear policy language
Every fraud investigator or lawyer advising an insurer on a potentially fraudulent claim is faced, at the end of an investigation, with the need to determine whether there is sufficient grounds to