LGR Realty, Inc. v. Frank & London Insurance Agency
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The delayed damage rule, which modifies the general rule for when a cause of action accrues, did not apply to this cause of action alleging negligence related to the procuring of a professional-liability insurance policy.
The Supreme Court reversed the judgment of the court of appeals and reinstated the trial court’s judgment dismissing the complaint filed by Appellee as untimely, holding (1) the delayed-damage rule does not apply to a cause of action alleging negligent procurement of a professional-liability insurance policy or negligent misrepresentation of the terms of the policy when the policy contains a provision specifically excluding the type of claim that the insured alleges it believed was covered by the policy; (2) the cause of action in such a case accrues on the date the policy is issued; and (3) therefore, the complaint filed by Appellee in this case was untimely.
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