IRS tax relief firm, Lance Wallach, speaking: FBAR / OVDI LANCE WALLACH
IRS tax relief firm, Lance Wallach, speaking: FBAR/OVDI LANCE WALLACH: The IRS has kicked out an...: FBAR/OVDI LANCE WALLACH: The IRS has kicked out an undisclosed number of ta... : Lance Wallach We have written at least 75 posts about ...
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As a first step, we must determine whether the client had a loss which is either notwork as well as the contractual indemnification provisions in construction contracts.
ReplyDeleteIssue 4 – Possible Defenses
A client should be aware that the insurance broker has various defenses that he may attempt to use.
One defense is that the insured should have read the policy and have seen that the coverage was inadequate. Although this defense is not guaranteed to be successful, the jury may consider it reasonable. The insured will argue that he relied on the broker's special expertise in obtaining the proper insurance and that the client did not need to read the policy. See American Building Supply v. Petrocelli Group, 19 NY3d 730 (2012).
Another common defense is that the broker did not have a special relationship with the insured, especially if the insured is an educated customer.
Conclusion
The insurance broker can be held liable for failing to obtain the proper insurance for his client. The insurance broker can be held responsible under either negligence or breach of contract.
The success of a case against an insurance broker depends upon the unique facts of the case which must be carefully reviewed