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Do You Think E and O Insurance Will Cover this Claim?
- Thread starter Liz
- Start date
- 182
Re: Do You Think E and OI Insurance Will Cover this Claim?
It will depend on the relationship with the agent. Ultimately, the insured's are responsible for their purchases, and should have read their policies upon purchasing.
That said, if the agent/broker has any record at all of giving coverage advice, rather than just being a facilitator (as so many agents are these days, unfortunately), the agent/broker might have unintentionally put themselves on the hook.
This type of thing is very typical after floods. A lot of carriers will not even write flood, and the agents, in their desire to sell policies, probably do not highlight what exactly the polices they are selling don't cover. Some insured's simply do not understand that a standard policy excludes flood, and they are not always told. The language is right there in the policy, but surely you do not expect them to read that!
It will depend on the relationship with the agent. Ultimately, the insured's are responsible for their purchases, and should have read their policies upon purchasing.
That said, if the agent/broker has any record at all of giving coverage advice, rather than just being a facilitator (as so many agents are these days, unfortunately), the agent/broker might have unintentionally put themselves on the hook.
This type of thing is very typical after floods. A lot of carriers will not even write flood, and the agents, in their desire to sell policies, probably do not highlight what exactly the polices they are selling don't cover. Some insured's simply do not understand that a standard policy excludes flood, and they are not always told. The language is right there in the policy, but surely you do not expect them to read that!
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