Insurer Gets Broker's Policy Rescinded For Fraud

By Jeff Sistrunk (August 11, 2016, 4:32 PM EDT) -- Admiral Insurance Co. can rescind a professional liability policy issued to an insurance broker accused of stealing clients' premium payments because the broker failed to disclose that it had faced prior regulatory actions over fraudulent practices, an Arizona federal judge ruled Wednesday.

U.S. District Judge Susan R. Bolton granted Admiral's motion for summary judgment, finding that the insurer is entitled to void the policy it issued to Glendale, Arizona-based Executive Professional Insurance Consultants PLLC.

On the policy application, EPIC owners David and Cynthia Martin indicated that neither of them had been investigated by regulators within the previous five years. In reality,...

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