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Old 11-06-2009, 12:43 PM
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Join Date: Nov 2009
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Broker liability

What is the name of your state (only U.S. law)? Texas

Our broker sold my business a self insured program several years ago. It worked well until we has a couple of employees get sick and have some large claims. The company (Great West) raised the rates until we had to leave the plan. Now it turns out that we have to pay Great West a termination fee of two months premiums in addition to having to pay upfront premiums for a different health plan. Our broker failed to make us aware of this potential problem when we first bought the policy. Does the Broker have any liability in this matter?
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Old 11-06-2009, 01:01 PM
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Join Date: Feb 2006
Location: Philadelphia, PA
Posts: 17,858
Why is your broker responsible for making sure that you read your paperwork? Sheesh.
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