Insurance Policy Exclusions Apply Even if Agent Misrepresented It

An Oklahoma oil  and natural gas company, New Dominion, LLC learned the value of hiring an independent expert to examine their insurance coverage. In 2013, New Dominion asked their insurance agent if their policy covered damage caused by earthquakes attributed to the company’s processes. Their agent assured them it did. Their policy, however, did not. The Oklahoma Supreme Court ruled in favor of the insurance company regardless of what the agent told the insured. Note: if the policy is obtained by the insured it is most often the case that the terms of the policy controls; however, in cases like this both the insurer and certainly the insured have viable claims against the agency. Read the details of the case here: https://www.claimsjournal.com/news/southcentral/2021/11/24/307238.htm