03 Oct 2017
Company Officers Get Settlement After Being Held Personally Responsible in Lawsuit
KTK attorneys Steve Torline, Michael Crabb, and Ben Friesen secured a settlement of $1,025,000.00 on behalf of individual directors and officers in an insurance broker liability case. KTK’s clients were each directors and officers in a national franchise business. They requested from insurance brokers a specific amount of professional liability coverage. The directors and officers claimed the insurance brokers agreed to obtain the requested coverage and represented that they in fact procured it. After a lawsuit was filed against the directors and officers, the liability insurer informed them that coverage was significantly less than what the directors and officers requested from their insurance brokers. As a result, the directors and officers were forced to incur significant personal liability that should have been covered by the insurance they requested their brokers procure. The directors and officers turned to KTK to file claims against the insurance brokers for negligently failing to procure adequate insurance coverage. KTK pursued the claim against the insurance brokers, who were represented by one of largest defense firms in the country, and obtained a $1,025,000.00 settlement for its director and officer clients. KTK is actively pursuing further recovery from additional insurance brokers.