…their mortgage company. The mortgage company has a financial interest in the property. Why didn\’t they insist or inform the homeowners of the available excess insurance? Because…only a handful of private insurance companies offer the product and unless you are an independent broker or agent you most likely are unaware it exists. Also realize the State Farm agent would have to know and refer their client to an agency that underwrites that product. That appears to be an unreasonable burden upon the captive agents. I do hope State Farm hires good defense counsel for this case…they\’ve been known to get some bad decisions because of incompetent counsel.
Assuming that the non-flood Homeowners property cover was insured to value with the captive carrier (approx.$1.4 million), and that except for \”stand-alone\” Malpractice coverage,the captive agent handled the insured\’s all other property/liability needs,AND was aware that flood coverage is inadequate here,does it not appear logical that he should be professionally obligated to inform the insured (in writing) that any additional flood coverage,if available, should be obtained from an \”independent\” insurance agent?
When was the last time it was the responsibility of a State Farm agent to say \”Go to another company to get your coverage.\” Note to idiot insured: Take responsibility for your lack of shopping around for adequite insurance for your home.
It is the professional insurance agents responsibility to inform home and business owners, regardless of what company they represent. If you were a licensed agent you would know that from agent ethics. Agents are to inform and cover all options to protect their clients and their clients concerns. If State Farm could not offer excess coverage the agent needs to advise the insured and direct them to someone who can help them or secure the insureds signature that they were informed and declined further assistance.
As \”ML\” put it, the State Farm agent, along with other professional insurance agents, have the responsibility, ethically and legally, to inform their clientele about other insurance plans and options.
Dear Plastic surgeons…you are educated people. Why didn\’t you shop around to secure adequate coverage for your home? Sounds like you two got yourselves into an ugly situation. Shoulda\’, coulda\’, woulda\’.
It is not State Farms responsiblity to pay for your mistake. Good thing you aren\’t brain surgeons.
I had a revalation. I agree with all of the subsequent posters.
I think the docs should be able to sue for full limits.
I also think I should be able to sue them. Based on the 26 billion judgement against the smoking lady who knew smaoking was bad for her I figure damaged heart should be worth a couple of billion.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
…their mortgage company. The mortgage company has a financial interest in the property. Why didn\’t they insist or inform the homeowners of the available excess insurance? Because…only a handful of private insurance companies offer the product and unless you are an independent broker or agent you most likely are unaware it exists. Also realize the State Farm agent would have to know and refer their client to an agency that underwrites that product. That appears to be an unreasonable burden upon the captive agents. I do hope State Farm hires good defense counsel for this case…they\’ve been known to get some bad decisions because of incompetent counsel.
Assuming that the non-flood Homeowners property cover was insured to value with the captive carrier (approx.$1.4 million), and that except for \”stand-alone\” Malpractice coverage,the captive agent handled the insured\’s all other property/liability needs,AND was aware that flood coverage is inadequate here,does it not appear logical that he should be professionally obligated to inform the insured (in writing) that any additional flood coverage,if available, should be obtained from an \”independent\” insurance agent?
When was the last time it was the responsibility of a State Farm agent to say \”Go to another company to get your coverage.\” Note to idiot insured: Take responsibility for your lack of shopping around for adequite insurance for your home.
My doctor prescribed Zestril instead of Caduet. Caduet works better. I\’m gonna have to sue him since I had heart trouble.
It is the professional insurance agents responsibility to inform home and business owners, regardless of what company they represent. If you were a licensed agent you would know that from agent ethics. Agents are to inform and cover all options to protect their clients and their clients concerns. If State Farm could not offer excess coverage the agent needs to advise the insured and direct them to someone who can help them or secure the insureds signature that they were informed and declined further assistance.
Caveat Emptor.
As \”ML\” put it, the State Farm agent, along with other professional insurance agents, have the responsibility, ethically and legally, to inform their clientele about other insurance plans and options.
You go doctors……YOU GO!
I agree with ML and Gomer…the client relies on us Agents to provide them with coverage…
I see a nice settlement from the E&O carrier on this…
Oh no.. meant to say I agree with ML and Insurance Agent…not Gomer!
Dear Plastic surgeons…you are educated people. Why didn\’t you shop around to secure adequate coverage for your home? Sounds like you two got yourselves into an ugly situation. Shoulda\’, coulda\’, woulda\’.
It is not State Farms responsiblity to pay for your mistake. Good thing you aren\’t brain surgeons.
I had a revalation. I agree with all of the subsequent posters.
I think the docs should be able to sue for full limits.
I also think I should be able to sue them. Based on the 26 billion judgement against the smoking lady who knew smaoking was bad for her I figure damaged heart should be worth a couple of billion.