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Insurance Agent Errors

Have you ever actually sat down and read your property insurance policy? Do you know what it covers? Do you understand what is defined as a “covered peril”? Do you understand your duties in the event of a loss? What is co-insurance? What is your deductible? How are they applied? What is ACV (actual cash value)? What is RCV (replacement cost value)? Which one applies? Do you have basic coverage or special coverage?

Even the most astute business person has difficulty deciphering insurance policies for commercial property insurance. Instead, we rely on our insurance agents and brokers to find the right coverage and to explain the policy to us.

Texas cases have found various duties owed by property insurance agents and brokers over the years. This is an area of the law that is frequently in flux but a few of the duties Texas courts have found over the years include:

  • Duty to procure: Once an agent undertakes to get insurance he must use efforts to do so.
  • Duty to inform an insured or policyholder: The agent or broker must understand and explain the terms and conditions of the property insurance policy to the insured. In addition, the agent or broker must notify an insured if he is unable to procure coverage or if a policy lapses or is cancelled.
  • Duty to review policy. The agent or broker needs to review the insurance policy and make sure it comports with the coverage requested by the insured.

Most insurance agents have errors and omissions policies that will cover a loss in the event the agent is negligent. If your property insurance coverage wasn’t what you requested or wasn’t what you were told it would be you may have a claim against your agent or broker. Contact Hoch Law Firm, PC to find out.

Client Reviews
Tim represented us in a dispute with our insurance company over roof damage due to a hail storm in the Dallas area. We were very disheartened by the constant denials and dishonest treatment we were receiving from the insurance carrier, and Tim counseled us to remain patient while he systematically put together expert opinions and facts that supported our claim. Eventually we were able to settle our case and had the roof replaced on our apartment building just two months before the big tornado hit in late 2015. Our investment property was the only one in the area that did not sustain any roof damage! We were lucky with our timing, but we were even more fortunate to have Tim on our side. We highly recommend Tim's firm! Allan and Marian Goodman
In short order, he was able to quickly understand and master the details of our case and map out a very cost-effective, efficient legal strategy. After a series of quick wins in court, our opponent came to the table with a highly satisfactory settlement. Mr. Hoch’s ability to effectively tell a persuasive story within the confines of a courtroom is without equal. Anthony Page
Tim’s knowledge and insight regarding not just the law, but business and human nature in general was greatly appreciated and relied upon as we navigated through a difficult situation. Tim has my utmost admiration and respect both on a personal and professional basis. Phillip A. Reinsch
We use Tim Hoch to handle complex business litigation matters on a variety of topics. He combines a strategic, no-frills approach with a bottom-line mindset. He is extremely responsive, organized and thorough. We would gladly recommend his services. Richard Warren, CEO