Perry & Co. v. Union American Insurance Co.

This is an appeal from an adverse summary judgment in a suit to recover unearned insurance premiums from an underwriter and a denial of a motion for rehearing on the same. We affirm in part and reverse and remand in part.

Appellants Perry & Co., Equity Premium, Inc. and Gibraltar Budget Plan, Inc. are all premium finance companies who are in the business of financing insurance for members of the public who are unable to purchase insurance directly from underwriters. The insureds then pay appellants for the insurance on an installment basis. If the insureds fail to make payments when due,…