The question of whether insurance brokers are required to obtain the lowest cost insurance that meets the insured’s needs was answered recently by the Missouri Supreme Court in the case of Emerson Electric Co. v. Marsh & McLennan Cos., 362 S.W.3d 7 (Mo. 2012).
In the Emerson case, the insured, Emerson Electric Co., utilized the brokerage services of Marsh & McLennan in procuring liability insurance. During the course of the relationship as broker and insured, Emerson paid Marsh to place particular types of insurance with insurers to meet a variety of Emerson’s insurance needs. (Read more...)
(Ref: Insurance Journal, Aug 16, 2012)
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