Insurance Broker / Agent Negligence
Insurance brokers and agents provide important advice and insurance products to help you protect your car, home and business. Some insurance brokers and agents also provide life insurance and other types of investment products to protect the financial well-being of your family in the event of a crisis or death.Insurance brokers and agents in Ontario are regulated. Insurance brokers in particular must follow a Code of Conduct when they provide advice to their clients.
The competition for your insurance business may have led you to obtain advice about your insurance coverage from different brokers, agents and even banks. There is also a considerable amount of consolidation and mergers occurring with the insurance industry which may be confusing to members of the public. Are you still dealing with a broker or are they now owned by a single insurance company? Has that affected your coverage or coverage options?
The purchase of proper coverage requires professional advice in most circumstances. Not all insurance policies are created equal. For example, there is no standard home insurance policy wording in Ontario. Sometimes people have serious fire losses only to find out that they did not have adequate insurance coverage to rebuild their homes. They may be told that they didn’t have a high enough “insurance limit” for their building or they could be told that their policy will only pay the “actual cash value”.
In other serious cases, high income earning individuals who are injured in car accidents may find out that they did not have enough insurance coverage to protect them because they were injured by another driver that has lower liability coverage on their policy. They may also discover that the no fault benefits available through their own insurer replace only a fraction of their weekly earnings while their injuries prevent them from working.
These situations could have been caused by negligence on the part of the broker or agent. Our firm has experience and special expertise in the handling of cases against insurance brokers, agents and bank-owned insurance companies.