United States Liability Insurance v. Haidinger-Hayes, Inc.

Effective April 1, 1959, plaintiff insurance company and defendant corporation, an insurance general agent and surplus line broker, entered into a written agency contract which, in paragraph (8) thereof, provided for a profit-and-loss sharing formula. Five years later, in March of 1964, plaintiff instituted the present action, asserting that there was a loss on the business written for it by defendant and, pursuant to the above formula, asking reimbursement to the extent of one-half of such loss. Denying the above claim, defendant alleged by various counterclaims that under the formula the…