Phil Zinkewicz Lisa Doherty is president of Business Risk Partners, a relatively new managing general agency based in Suffield, Connecticut. Let's consider the following scenarios for a moment. The company then sues for the financial damages it incurred as a result of the sub-standard agreement. Or, a mortgage broker is told to lock in a certain interest rate on behalf of a client. He fails to act in a timely manner.
Interest rates rise and the client is forced to accept a higher interest rate.
After the closing, various problems, such as defects within the property, come to light. The purchaser brings suit against the former owner as well as the real estate agent, claiming they negligently failed to disclose the defective conditions prior to closing. Or an ad agency or production company develops a video to be presented at its client's annual shareholders' meeting and, subsequently, to be distributed to the client's customers. But, the video has technical difficulties and there is a negative impact on the shareholders' presentation. The client brings suit alleging that the poor showing of the video resulted in damage to its reputation and a consequential loss in sales.