NJ Court Affirms Broker's $12M Loss Over Coverage Advice

By Cara Salvatore (April 8, 2020, 9:37 PM EDT) -- A New Jersey appeals court has affirmed a large grocery store cooperative's $12 million win against an insurance broker over coverage advice that allegedly left its stores exposed to tens of millions of dollars in Superstorm Sandy damage, saying Wednesday there was no error in a lower court's rulings.

The appeals court affirmed a trial judge's 2018 post-trial rulings, including the final judgment of $11 million in damages and $1.1 million in interest to grocery store cooperative Wakefern Food Corp. and its 49 members' hundreds of grocery stores, including many Shop-Rites, against insurance broker BWD Group LLC.

A jury found that...

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