MINEOLA – In a case of first impression, a State Supreme Court justice has ruled that an insurer seeking monetary damages from a broker due to alleged negligence in computing premiums must first exhaust its remedies through the administrative agency created to regulate coverage of New York’s uninsurable motorists.
Acting Supreme Court Justice Daniel Martin found that although no case on point existed to resolve Lancer Insurance Co. v. Stern Insurance Agency, 9317-98, the defendant broker presented persuasive authority directing the insurer to pursue its case first with the New York Automobile Insurance Plan (NYAIP). (The decision will be published in tomorrow’s Law Journal.)
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