ST. LOUIS — A Missouri corporation is suing an insurance broker, alleging breach of fiduciary duty.
The Youth and Family Center filed a complaint on Jan. 10, in the St. Louis Circuit Court against Market Financial Group Ltd. and Tom Rensch alleging that the defendants breached their duty to provide accurate information to clients regarding premium coverage.
According to the complaint, the plaintiff alleges that on Jan. 11, 2013, while its policy was in full force and effect, the plaintiff's building suffered a roof collapse. The plaintiff alleges that it immediately filed claims for benefits to West Bend Mutual Insurance Company, but the claims were denied due to insufficient coverage that they were not made aware of by its insurance broker, Market Financial.
As a result, the plaintiff suffered a loss of approximately $900,000.
The plaintiff holds Market Financial Group and Rensch responsible because the defendants allegedly failed to advise client of comments and opinions of by insurance companies of insufficient coverage, failed to advise of the amount of replacement value coverage necessary to protect it in the event of a loss and failed to explain the effect of the co-insurance provisions of the insurance company to the client's responsibility to insure the building at least to the extent of 80 percent of the costs of replacing it.
The plaintiff requests a trial by jury; and seeks judgment for such amount as is fair and reasonable for interest from and after Jan. 11, 2013, and for costs expended. It is represented by Canice Timothy Rice, Jr. in St. Louis.
St. Louis Circuit Court case number 1822-CC00067