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Nossaman LLP

Success Stories

Converting Incompetence to Cash

A successful business owner expected his life insurance would cover him when he was diagnosed with advanced terminal cancer and moved into a new home. His insurance agency updated his new address on most of his numerous business and health insurance policies, but not his $3 million life insurance policy. When his wife discovered the policy had lapsed because the premium had not been paid (she had never received the notice) she called us.

Given that no insurance company would give her ill husband a new policy, we sued the individual agent, the wholesale and retail agencies, as well as the insurance company. The insurance company settled before trial with a new million dollar policy. The wholesale and retail agencies also settled before trial for another million. The individual agent resisted settlement and decided to take his chances with a trial. The jury decided against him and awarded the husband and wife $3.5 million in damages.

We were able to turn a lapsed $3 million life insurance policy into $5.5 million. The husband miraculously survived the trial, and both he and his wife are confident that their needs will now be covered well beyond what they had planned.

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