Brokers – The Marine Peril of Not Knowing the Market

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Two recent cases have highlighted the need for brokers to be familiar with the nature of their client’s business and the limits and exclusions of marine insurance products on the market. In both of these cases, the broker was found to have failed to have proper regard for these matters and held liable for the uninsured losses.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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