STORY FROM: Superstorm Sandy Insurance Litigation
Broker Had No Duty to Advise Insured of Need for Higher Policy Limits, N.J. Appeals Court Affirms
May 2, 2017
TRENTON, N.J. — A New Jersey appellate court has upheld dismissal of negligence and malpractice claims asserted against a broker in a Superstorm Sandy coverage action, finding there was no “special relationship” that would require broker to advise the policyholder to raise its coverage limits.
On May 1, the New Jersey Superior Court, Appellate Division, explained that absent a special relationship, the broker had no common law duty to advise the insured of the possible need for higher policy limits upon renewal of a policy.
C.S. Osborne & Co. Inc., a manufacturer of tools used for leatherwork, upholstery and other ...
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