4th Circ. Insurance Ruling Highlights Risks Of Broker Errors

Law360 (February 10, 2020, 5:55 PM EST) -- A recent decision from the U.S. Court of Appeals for the Fourth Circuit stands as a cautionary tale for policyholders regarding the perils of relying on an insurance broker to place the appropriate coverage for an event.

In Old White Charities Inc. v. Bankers Insurance,[1] a charity hosted a golf tournament and sponsored a hole-in-one competition. If a golfer hit a hole-in-one, each spectator in attendance would receive $100 in cash; if a second golfer hit a hole-in-one, each fan would receive $500. To guard against the possibility that golfers would hit holes-in-one, the charity hired a broker to place an insurance...

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