Problem with Yates & Associates

[JCK818]

Guys I need your opinion on this one. I quoted and bound (sp?) a policy through Yates and Associates that had Business Personal Property COverage. THe client had a claim, there was theft and someone took off with about 30k worth of stuff the whole thing caught on camera. After 2 months of back and forth, my client is being told that there was a "theft exclusion" on the policy. The quote that they sent me (a bindable quote), did not have such an exclusion. The agreement the client signed had no exclusion. After some research Yates told me that their own agent made an error when he sent me the quote and the bindable agreement, he happened to leave that "exclusion" out. They admitted to this much. My question is this. Who's E&O is going to pay this? AM I still screwed?

 

[amgeater]

If you have the Bind able quote, and if your client has the full sign agreement, then it should be on them, you said it your self THEIR own agent made a mistake...

 

[JCK818]

I know that, so how do i get them to pay the claim? DO I make a claim on their E&O?

 

[Bertolinoins]

What does your brokerage agreement with Yates & Associates say on the topic.

 

[JCK818]

I probably need to go back and read it. Their own general manager told me that they are 100% at fault, but they will not honor what their offer states. This cannot possibly be legal.

 

[669comche]

They are probably waiting to see if the client pursues it........

 

[b61mack]

was the theft done by an employee??????????. that maybe the reason for the denial...

 

[JCK818]

no, the theft was caught on camera, the cops even arrested the guy like a week later. Yates & Associates is saying even though they know they messed up, they will let a judge decide whether or not they are at fault.

 

[b61mack]

the problem i see is. when they sent the policy out . you are suppose to read it and see if, their are any mistakes???? unless the general manager. admits the mistake, in writing...you have a problem.. did they recover the stolen goods???

 

[JCK818]

No nothing was recovered. I have emails from their rep saying it has theft coverage. Well, there has to be a special place in hell for these bastards. By the way the loss happened before they sent out the policy. Usually takes 2-3 months for them to send out the policies.