Superintendent of Insurance of the State of New York v. Livestock Market Insurance Agency, Inc.

SHANGLER, Judge.

This is a civil action for money damages on a written contract brought by the Superintendent of Insurance of the State of New York, as Liquidator of Summit Insurance Company of New York [Summit] against Livestock Market Insurance Agency, Inc. [LMIA]. The suit was brought by the Superintendent as assignee of Associated Surety [a Summit general agent] of its right of indemnity under a subagency contract with LMIA. The issue to the trial court, and on this appeal, is whether that provision of indemnity amounts to a promise to pay. If so, the ten-year statute of limitations in §…