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FROM THE BENCH: Insurance Company Fails. Insureds out of Luck.

from ConstructionRisk.com

Think insurers can't fail and leave their insureds holding the proverbial bag? If so, you have another think coming. In the case of Mark Tanner Construction v. HUB International Insurance Services (224 Cal. App. 4th, 574 (2014)), an insurance broker marketed and sold a workers' compensation program for contractors. When the insurer went belly up, the insureds — facing severe liabilities — sued the broker on the ground it should have vetted the insurer more carefully. The case was dismissed because, the court ruled, brokers are not duty-bound to investigate insurers. All of which points out why it is essential to know an insurer's BCAR score before signing up. BCAR is the best indicator of an insurer's creditworthiness; i.e., whether or not it'll be around in the future, when you may need it. more


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