New Podcasts from Barry Zalma

Zalma on Insurance Podcast Now Available

Available at PocketCasts: https://pca.st/ujampbxm; RadioPublic: https://radiopublic.com/zalma-on-insurance-Wel2lZ; Google Podcasts app. You’ll be able to find it at this link, and Breaker: https://www.breaker.audio/zalma-on-insurance

Surplus Line Broker Not an Insurer
After her house burned to the ground and her insurer rescinded the  policy Suzan E. Taylor sued the insurer and the surplus line broker who  obtained insurance for her from certain underwriters at Lloyd’s, London.  The broker moved to dismiss Taylor’s action in Hiscox Dedicated  Corporate Member Limited v. Suzan E. Taylor  v.  The Society Of Lloyd’s,  The Corporation At Lloyd’s, and Burns & Wilcox, Ltd., NO. 6:18-CV-06100, United States District Court Western District Of Arkansas Hot Springs Division (April 20, 2020)
Introduction
Lloyd’s Policy No. VSRD634943 (the Policy), provided fire insurance  coverage for the high value home owned by Suzan E. Taylor, in Garland  County, Arkansas. Taylor purchased fire insurance coverage from Certain  Underwriters at Lloyd’s of London (the Insurer). Under the terms of the  Policy, the dwelling was insured for $2.6 million and the personal  property was insured for $1.3 million. Hiscox Dedicated Corporate Member  Limited (“Hiscox”) is the majority underwriter of Lloyd’s Syndicate  #33, the only syndicate subscribed to the Policy.
ZALMA OPINION
An insurance broker is a person or entity that transacts insurance  with but not on behalf of an insurer. They are not insurers. A Surplus  Line broker is an intermediary between the person seeking insurance,  that person’s agent, and the insurer. Under Surplus Line law the broker  can provide a policy to the insured but may not be considered an  insurer. It was overkill on the part of the insured to sue the broker  when the policy, in clear and unambiguous language, explained Burns and  Wilcox was not an insurer and liable for any claims.

The Modern Market at Lloyd’s

The History of Insurance from Sumeria to the Inception of Lloyd’s

About Barry Zalma

An insurance coverage and claims handling author, consultant and expert witness with more than 48 years of practical and court room experience.
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