Ill. High Court's Rescission Ruling A Warning For Firms
Law360, Los Angeles (February 25, 2015, 6:12 PM EST) -- The Illinois Supreme Court's recent ruling that the “innocent insured” doctrine couldn't prevent an insurer from using rescission to terminate a law firm's malpractice policy strengthened the defense for insurers and shows that firms need to be on guard against material misrepresentations on malpractice policy applications, attorneys say.
In a 6-1 decision, the state high court said the innocent insured doctrine doesn’t apply to rescission and contract formation, overturning an appellate panel’s ruling that maintained legal malpractice coverage for Will Terpinas Jr., a Chicago-area lawyer. Terpinas’ partner, Sam Tuzzolino, allegedly lied to Illinois State Bar Association Mutual Insurance Co. when renewing...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!