If you have a beef with your insurance broker, this may interest you.
The Legislature in New Jersey enacted the Consumer Fraud Act (CFA) which, under certain circumstances, permits a successful plaintiff to recover three times his compensatory damages and legal fees.
The New Jersey Appellate Division recently reviewed a case where plaintiff had contracted to buy real estate. In anticipation of the closing, defendant insurance broker obtained an insurance policy for the property and plaintiff paid the premium. However, the policy was later voided by the carrier for delays in closing. Afterward, plaintiff took title and the property was uninsured when it was damaged.
Plaintiff sued the broker for negligence in failing to obtain insurance and under the CFA for failing to inform him that the property was uninsured.
YOU BE THE JUDGE: Is a negligent insurance broker responsible for treble damages for consumer fraud?
The Appellate Division held the insurance broker was exempt from liability under the CFA; the statute does not apply to the conduct of learned professionals in providing services within the scope of their professional licenses.
The decision points out that a courtroom can bring justice and may be the only way to protect your rights. We know courtrooms; we have harnessed the power of the law in courtrooms to bring justice for our clients for decades. Please contact us to discuss how we can help you in a new lawsuit or provide a "second opinion" about your pending lawsuit. There is no obligation for the initial consultation. |
