Lloyd's Broker Hit With £3.5M Claim Over Underinsurance
Law360, London (October 11, 2019, 6:34 PM BST) -- A U.K. waste processor has hit broker Direct Insurance Group with a lawsuit claiming at least £3.5 million ($4.4 million) in damages resulting from an allegedly botched insurance policy that left the company underinsured after a fire at its recycling center.
Devon Contract Waste said that Lloyd’s of London broker Direct Insurance breached its duties when arranging the waste processor’s insurance coverage with Hiscox Underwriting Ltd. in 2016 by failing to take into account the company’s needs and not making clear the extent of losses it could suffer as a result of a fire.
The company’s main processing facility, including its...
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