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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...

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