Brokers Bungled Coverage For $140M NY Project, Suit Says

Law360, New York (February 22, 2013, 2:48 PM EST) -- Contractor Defoe Corp. filed suit Thursday against two insurance brokers it accuses of not securing insurance policies required for a roughly $140 million New York Department of Transportation project, claiming their mistakes cost it more than $3 million.

Defoe filed a complaint in New York state court against USI Insurance Services LLC and Hartan Brokerage, companies that looked into insurance policies that would cover Defoe if it won a contract for the NYDOT's Kew Gardens Interchange project.

According to the suit, Defoe relied on the policy...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.