It is trite law that a broker is the agent of the insured and therefore owes duties to the insured rather than insurers. However, in practice, commercial reality may complicate matters. Chains of brokers are commonly found where, for example, a foreign producing broker wishes to instruct an English placing broker to place a risk in his home country with the Lloydâs market, or where an English producing broker has to instruct a Lloyd's broker to gain access to the Lloyd's market. In these circumstances, what duties do the brokers in the chain owe?
To read more on this issue, click/copy and paste this link:
http://www.law-now.com/CS2000/internet/EN/co50law-now/co55archive/2004/responsibilitychain.htm?section=email
For further information, please contact Belinda Schofield at belinda.schofield@cmck.com or on +44 (0)20 7367 3053 or Andy Tough at andrew.tough@cmck.com or on +44 (0)20 7367 3740
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