Under Wyoming law a four-year statute of limitations is applicable to ordinary negligence claims. An open question existed under Wyoming law as to whether insurance agents malpractice claims were also subject to the four-year general statute of limitations. However, the Wyoming Supreme Court in Falkenburg v. Laramie Investment Co., Inc., 533 P.3d 511 (Wyo. August 10, 2023) held that the general statute of limitations was not applicable to a claim of malpractice brought against an insurance agent. Rather, the statute of limitations governing professionals set forth in Wyoming Statutes Annotated §1-3-107 which was applicable, establishing a two-year statute of limitations governing agent malpractice.
In Falkenburg, the allegations brought against the agent were failure to procure tornado coverage for the insured’s property. The suit was challenged on the basis of the exhaustion of the statute of limitations.
The insureds contended that the agent malpractice claim was governed by the general four-year statute of limitations applicable to claims for ordinary negligence, asserting that the agent was not a “professional” within the meaning of the Wyoming Professional Review Panel Act (Wyoming Statute Annotated 9-2-1803). However, this argument was rejected by the Wyoming Supreme Court. Instead, the Court used the statute of limitations applicable to occupations, such as realtors, licensed outfitters, and professional guides. The reason this statute was used was because it defined those occupations as professional in nature, even though there was no post-secondary education required.
The Court found that the statute of limitations was triggered at the time of the negligent act or omission, irrespective of whether damage had occurred.