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Recent Developments in Virginia Regarding Insurance - Part 1

A Virginia court ruled that a church that was destroyed by fire and that was insured for only one-third of the value of the property could sue its broker and insurance company for the balance.

Virginia
State:
Key point. Many churches insure their property for less than its market or replacement value. In the event of a total loss through fire or other catastrophe, the church faces an unexpected and often substantial uninsured loss. In some cases, the church may have a legal claim against its insurance broker for the uninsured amount if the broker breached a contract to provide the church with adequate insurance coverage. The insurance company itself may also be liable for the broker's acts.

A Virginia court ruled that a church that was destroyed by fire and that was insured for only one-third of the value of the property could sue its broker and insurance company for the balance. For many years, a church purchased insurance from the Aetna insurance company through a local insurance broker. These policies provided coverage for any fire loss to the church building. The church's insurance ...

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Posted:
  • November 1, 1999

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