{"id":895216,"date":"2018-11-21T09:58:56","date_gmt":"2018-11-21T16:58:56","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=895216"},"modified":"2018-11-21T09:58:56","modified_gmt":"2018-11-21T16:58:56","slug":"construction-one-minute-read-insurance-carrier-negligently-provides-insufficient-coverage","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/construction-one-minute-read-insurance-carrier-negligently-provides-insufficient-coverage\/","title":{"rendered":"Construction One-Minute Read: What If Your Insurance Carrier Negligently Provides Insufficient Coverage?"},"content":{"rendered":"<p>Jonathan M. Mraunac | <a href=\"https:\/\/www.lexology.com\/library\/detail.aspx?g=9e008679-9b3e-4886-98c2-4fda9d649aef&amp;utm_source=Lexology+Daily+Newsfeed&amp;utm_medium=HTML+email+-+Body+-+General+section&amp;utm_campaign=Lexology+subscriber+daily+feed&amp;utm_content=Lexology+Daily+Newsfeed+2018-11-14&amp;utm_term=\" target=\"_blank\" rel=\"noopener\">Ogletree Deakins<\/a> | November 13, 2018<\/p>\n<p>On October 18, 2018, the Illinois Supreme Court clarified when the statute of limitations begins to run on a claim for negligent procurement of insurance by an insurance agent or broker. In\u00a0<em>American Family Mutual Insurance Company v. Krop<\/em>, 2018 IL 122556, the Illinois Supreme Court held that the two-year statute-of-limitations period on the customers\u2019 cause of action against their insurer and the insurer\u2019s captive agent for negligent failure to provide insurance began at the time the customers\u00a0<em>received<\/em>\u00a0the policy from the insurer\/agent. The customers changed insurance companies and wanted from their new carrier coverage equivalent to that provided by their prior carrier; however, the new coverage was narrower, resulting in an unexpected denial of the customers\u2019 claim, and the new carrier sued the customers for a declaration that coverage did not exist.<\/p>\n<p>The Illinois Supreme Court\u2019s rationale hinged on the fact that the customers obtained the policy through a captive agent of the carrier (as opposed to a broker). The customers argued successfully to the appellate court that the statute of limitations should have begun to run at the time they\u00a0<em>discovered<\/em>\u00a0their injury\u2014in other words, the time at which the carrier denied coverage for the customers\u2019 claim. The Illinois Supreme Court, overturning the appellate court\u2019s decision, held that insurance agents, unlike brokers, do not owe their customers a fiduciary duty. (The cases relied upon by the appellate court involved lawsuits against brokers who owed fiduciary duties.) Rather, they owe only a duty of ordinary care.<\/p>\n<p>The\u00a0<em>Krop<\/em>\u00a0case reminds purchasers of insurance policies obtained directly from insurers (or through insurance agents) to read and understand the contents of their policies at the time they receive them, because the time within which to sue on a claim for the negligent provision of insurance begins to run at the moment a customer receives a policy. While a customer may be able to rely more heavily on its insurance broker due to the broker\u2019s fiduciary obligations, it would be prudent to analyze the contents of all insurance policies, however obtained, at the time they are received to better avoid gaps in coverage, a subsequent denial of coverage, or a lawsuit between the customer and its insurer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jonathan M. Mraunac | Ogletree Deakins | November 13, 2018 On October 18, 2018, the Illinois Supreme Court clarified when the statute of limitations begins to run on a claim for negligent procurement of insurance by an insurance agent or broker. In\u00a0American Family Mutual Insurance Company v. Krop, 2018 IL 122556, the Illinois Supreme Court&hellip; <a class=\"more-link\" href=\"https:\/\/www.myconstructionexpert.com\/blog\/construction-one-minute-read-insurance-carrier-negligently-provides-insufficient-coverage\/\">Continue reading <span class=\"screen-reader-text\">Construction One-Minute Read: What If Your Insurance Carrier Negligently Provides Insufficient Coverage?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[9914],"tags":[9895,23,10669,187],"class_list":["post-895216","post","type-post","status-publish","format-standard","hentry","category-insurance-coverage","tag-advise-consult","tag-insurance-coverage","tag-negligent-procurement","tag-statute-of-limitations","entry"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Construction One-Minute Read: What If Your Insurance Carrier Negligently Provides Insufficient Coverage? 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