The first four minutes of this podcast from A.M. Best describe a recent California court decision on the liability of an insurance broker for a misstatement on an application. If you are a New York producer, you're acting as a broker any time you submit an application to an MGA; a wholesale broker; the New York Automobile Insurance Plan; the New York State Insurance Fund; and the New York Property Insurance Underwriting Association. In other words, almost any New York producer reading the blog post acts as a broker at least on occasion. Therefore, you should listen to this. Even though this is not a New York court decision, the lessons from it apply everywhere.
More episodes the Best Day Audio Podcast are available on the A.M. Best Web site.
Thanks for the video
Posted by: Risk Manager | February 19, 2014 at 07:46 PM