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Failure to read and understand policy not an absolute bar to negligence claim against broker

USA - December 10 2012 The New York Court of Appeals decided in the case of American Building Supply Corp. v. Petrocelli Group, Inc., No. 188, 2012 N.Y. Slip Op. 7849 (N.Y. Nov. 19, 2012), that an insured’s failure to read and understand its policy is not an absolute bar to recovery against a broker for the negligent failure to obtain specifically requested coverage.

Policies reformed to correct error in naming additional insured

USA - December 27 2011 The U.S. Court of Appeals for the Fifth Circuit held that Louisiana law "clearly allows" the reformation of insurance policies in cases of mutual error or fraud, overruling the District Court's holding that extrinsic evidence could not be considered on a claim to reform an insurance policy due to mutual mistake.