If you use an insurance agent to obtain your insurance policy then that insurance agent has certain responsibilities that are imposed by law. In Missouri when an insurance agent undertakes to procure insurance for a party, with a view to earning a commission, he becomes the party's agent and owes a duty to the party to act with reasonable care, skill and diligence. If an agent is unable to obtain the insurance you sought, he has a duty to timely notify you. The failure to procure the appropriate coverage or the failure to timely notify you will render an agent liable damages.
If your agent has broken these rules you may sue for money damages for the breach of the agreement to obtain the insurance requested or for negligent breach of the agent's duty. In addition, an independent insurance agent and his client may have a fiduciary relationship. A fiduciary duty between principal (you) and agent (insurance agent) requires the exercise of utmost fidelity and good faith. In Missouri the existence of a fiduciary relationship obligates the agent to make a complete and full disclosure of all material facts concerning the transaction which might affect the principal's decision regarding the subject of the relationship. In Missouri it is a breach of fiduciary duty for an agent to occupy a position antagonistic to his principal.
If your agent failed to obtain the policy or coverage you requested, or failed to notify you and you have suffered an uncovered loss or are being sued but have no insurance to cover your liability you may be able to pursue your insurance agent for his wrong doing.
If your agent has broken these rules you may sue for money damages for the breach of the agreement to obtain the insurance requested or for negligent breach of the agent's duty. In addition, an independent insurance agent and his client may have a fiduciary relationship. A fiduciary duty between principal (you) and agent (insurance agent) requires the exercise of utmost fidelity and good faith. In Missouri the existence of a fiduciary relationship obligates the agent to make a complete and full disclosure of all material facts concerning the transaction which might affect the principal's decision regarding the subject of the relationship. In Missouri it is a breach of fiduciary duty for an agent to occupy a position antagonistic to his principal.
If your agent failed to obtain the policy or coverage you requested, or failed to notify you and you have suffered an uncovered loss or are being sued but have no insurance to cover your liability you may be able to pursue your insurance agent for his wrong doing.
