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Hulk Hogan Files Insurance Malpractice Complaint

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By Kamika Dunlap on April 22, 2010 1:45 PM

Former professional wrestler Hulk Hogan holds his insurance company partly responsible for failing to upgrade his coverage policy and filed an insurance malpractice complaint against the company.

Hogan, a retired professional wrestler whose real name is Terry Bollea, filed a lawsuit Wells Fargo Southeast for not providing him with an umbrella policy which would have better protected his teenage son in a car wreck, the Tampa Bay Tribune reports.

An umbrella policy provides liability insurance above and beyond other basic policies.

Hogan's attorney Wil Florin said that by law, insurance brokers are required to advise their clients with a high net worth and recommend an umbrella policy. As a result, he argues that the incident was broker malpractice, as Hogan was purportedly unaware he needed such a policy.

Hogan had third-party auto liability insurance with a $250,000 limit per person injured, which exposed him to personal liability in settling a case in which his son was found at fault in a crash which caused a severe brain injury to a close friend. 

For nearly a decade, the insurance company provided coverage for his homes, boats, watercraft and motor vehicles.

But the malpractice complaint claims that at the very least, a yearly or biannual insurance review with Hogan should have included professional advice and coverage recommendations.

In addition, "...Each time a teenage driver, a vehicle, a watercraft or a piece of real estate was added to Hogan's insurance policies, Hogan's risk increased; however, his insurance coverage remained woefully inadequate, and Wells Fargo Southeast still failed to consult Hogan regarding the advisability of increased coverage and an excess/umbrella policy," the lawsuit says.

Hogan's son, Nick Bollea served 166 days in jail after he pleaded no contest to a reckless driving charge. His friend, John Graziano suffered a severe brain injury.