Legal Question in Insurance Law in Illinois

The most important issue here will be how and why the policy lapsed. If this was caused due to the "fault" or negligence of your broker, then you would likely have a case. In addition, most, especially larger, insurance brokers typically carry errors and omissions insurance to cover them for professional negligence. There are several causes of action that can be pursued against an insurance broker. In most cases, brokers are sued for negligence and/or breach of fiduciary duty. Occasionally, you will see breach of contract and fraud counts, with the latter being quite rare. The statute of limitations is two years. I would have many questions for you. For example, when did this happen? Who is the broker? Where is the broker? Have you discussed it with the broker and what kind of response have you received? What are the facts relating to the lapse -- this will be the most important part of the analysis? I would be happy to discuss these questions and the facts with you offline. Please email me at [email protected] and then we can exchange numbers. I see you are in Des Plaines according to the zip code and I have a business myself in the area (in Park Ridge). Alex