Judge Says Aon At Fault For Placing Policy Without Aggregate Deductible
April 8, 2008
DOCUMENTS
- Opinion
LONDON - A broker breached its duty by failing to place a policy that had an aggregate deductible, thereby exposing its client to more than $198 million in losses stemming from the sale of mortgage endowment policies, an English judge has ruled. Standard Life Assurance Ltd. v Oak Dedicated Ltd. & others, No. [2008] EWHC 222 (Eng. Comm. Ct., Queen's Bench).
Mr. Justice Tomlinson of the English Commercial Court, Queen's Bench Division found that the policyholder reasonably relied upon assurances by its broker, Aon Group, that the policy at issue allowed the aggregation of claims so that the $49.5 million …
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