Agent/Broker Standard of Care
The Insurance Archaeologist™ experts have extensive experience in the insurance industry. As insurance expert witnesses they have testified in many cases on the issue of Agent/Broker Standard of Care. Testimony based on over 40 years of experience in the industry as Adjusters, Claims Managers, Risk Managers and Insurance Consultants, our experts have dealt with a variety of local, regional, and national agents and brokers.
Our experts have testified in cases such as agent/broker compensation and where a broker was charging fees, taking commissions, and receiving a part of the premium finance fees. The Insurance Archaeologist™ position is that there is nothing wrong with charging fees or commissions, and/or collecting part of the premium finance fee, so long as the information is adequately disclosed to the client/insured.
Agent/Broker Contingency Commissions
In an unpublished opinion on contingency commissions, Mr. Underdown has opined that there is nothing inherently wrong with contingency commissions, so long as they are adequately disclosed to the client/insured. There are times when it may be beneficial to the prospective insured because an agent or broker who places substantial amounts of business with one insurance company may be able to obtain better pricing than a competitor.
EXPERT WITNESS REFERRAL
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