DATE: Tuesday, October 22, 2019
TIME: 12:00 PM - 1:40 PM
ORGANIZER: NJICLE Webinar
Insurance brokers wear many hats. They broker insurance policies between clients and insurance companies. They may also serve as claims handlers and risk managers for their clients. They must have the requisite knowledge of the insurance policies and their client needs to accomplish these tasks. Their clients' reliance on their insurance brokers' expertise has led our Supreme Court to establish a fiduciary duty by insurance brokers to their clients. If a broker fails to fulfill this heavy responsibility, it can be liable for broker malpractice. This is a favored cause of action by companies who find that their insurance policies do not provide the coverage that they expected.