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Insurance Broker Negligence A Simple Guide

What are the roles and responsibilities of an insurance broker

?

The role of an insurance broker is to act as an intermediary between clients and insurance companies. Their clients can either be businesses or individuals and the purpose of the insurance broker is to get those clients the best insurance deal possible. They have extensive knowledge of the industry and, as they are independent, they are not tied to any particular insurance firm or product, meaning they often have an extensive range of products for clients to choose from. They apply their expertise in a way that the client is unable to do and, as such, using an insurance broker means that the client has to put their professional trust in them.

The insurance policies sourced by brokers can include employer's liability insurance, home insurance or motor insurance, depending on the type and needs of the client. The broker is normally paid a commission for introducing the client to an insurance company that can meet their needs.

There are several ways in which insurance brokers can be negligent, including:

Not following the instructions given to them by the client.

Not sourcing the best possible deal for their client.

Favouring one insurance company over others.

Not properly assessing risk factors and the individual needs and position of the client.

Not acquiring adequate coverage for the clients' needs.

Mis-selling an insurance policy (such as payment protection insurance).

Insurance broker negligence should always be taken very seriously, especially as the value of insurance policies can often be quite high and so it is important that the interests of all parties are protected. For example, if a client went through an insurance broker to insure a building against damage, but then was unable to claim in the event of a fire, there would potentially be a high value of assets at stake as well as an instance of mis-selling or not adequately assessing risk.

I think I have been the victim of insurance broker negligence - what should I do?

If you think your insurance broker has been negligent, the first thing you should do is engage the services of a specialist negligence solicitor to advise you on the case. You will need to establish proof that your insurance broker owned a duty of care to you as their client and that your insurance broker was indeed negligent.

Once this has been verified, you and your solicitor will be able to move forward with the case. The actions of the insurance broker will need to be examined as will any other aspects of your case (such as any insurance claims you have tried to make) in order to determine whether you should proceed with a professional negligence claim for damages against the insurance broker.

Why should I use a solicitor to help me?

As insurance cases can often be very specialised and complicated - especially when you consider the number of parties involved and the potential high worth of the assets involved - it makes a lot of sense to engage the services of solicitors who are experienced at dealing with professional negligence claims. Specialist solicitors will be able to deal with a range of issues, such as:

Letting you know whether you have a case of insurance broker negligence.

Going through the detail of your insurance contracts.

Advising you on possible legal proceedings.

Acting on your behalf in communications with your insurance company and insurance broker while the dispute is being settled.

by: Tim Bishop
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Insurance Broker Negligence A Simple Guide