Insurance agents may be surprised by a recent Ohio court ruling regarding the legal duties of an insurance agent to an insured. The decision and its implications are discussed in an American Agent & Broker article by Barry Zalma, a highly experienced consultant and attorney specializing in insurance.
The article (see here) describes a couple who claimed that they relied on their agent for the proper amount of insurance. The court decision stated that an insurance agent or broker is not ordinarily a fiduciary of the insured, but also indicated that the relationship might be altered by practice. Documentation of the relationship between the insured and agent is critical in determining whether an extraordinary relationship exists.
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