Broker Blamed For Coverage Gap After Canister Explosion
Law360, New York (February 17, 2017, 6:49 PM EST) -- A food equipment manufacturer has hit its insurance broker with a lawsuit in New Jersey state court, alleging the agency caused a coverage gap by recommending the firm switch policies, which left it holding the bag in a subsequent lawsuit over an exploding whipped cream canister.
California-based United Brands Products Design, Development and Marketing Inc. sued the New Jersey-based William Seide Agency on Wednesday for breach of fiduciary duty, malpractice and detrimental reliance, after it allegedly urged United Brands to switch from a claims-made to an occurrence policy without obtaining an extended reporting period.
“Lured by the Seide Insurance Specialists’ (false)...
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