Commission redefines accident
Recently, city's consumer commission redefined the term 'accident' while deciding on an insurance claim appeal.
A federal district court, applying Ohio law, has held that an insurer did not waive its right to rescind a professional liability policy issued to an accountant and his firm when the insurer knew of the accountant's potential involvement in a fraudulent investment scheme but still issued the policy and then canceled it after complying with a 90-day notice of cancellation provision.