In Tiara Condominium Ass'n v. Marsh & McLennan Cos., 2010 WL 2105923 (11th Cir. Case No. 09.11718, Opinion Filed May 27, 2010)(Westlaw subscription required to access Westlaw) , the Federal Eleventh Circuit Court of Appeals recognized that Florida law allows a cause of action for claimed breach of an Insurance Broker's Implied Covenant of Good Faith and Fair Dealing, for alleged "failure to procure appropriate insurance coverage". Id. at *3. However, Tiara Condominium Association did not offer evidence on this claim, said the Eleventh Circuit, and so the Eleventh Circuit affirmed a Trial Judge's Summary Judgment in favor of the Insurance Broker on this claim. Id.
Tiara also alleged that the Insurance Broker's conduct complained of in that case constituted negligence and a Breach or Breaches of alleged Fiduciary Duties. Id. at *4. In part, depending on what facts these claims were based, the Eleventh Circuit held "that Florida law is not sufficiently clear on whether such claims are barred as extra-contractual under the economic loss rule." The Eleventh Circuit certified the question of whether such claims are barred by Florida's economic loss rule to the Florida Supreme Court for a requested answer. Id. at *4-*5.
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Posted by: Insurance Brokers | March 11, 2011 at 12:06 AM