Zapata Corp. v. Zapata Gulf Marine Corp.

OPINION

ANDELL, J.

The appellants, Zapata Corporation and Arethusa, appeal rendition of summary judgment for the appellee, Zapata Gulf Marine Corporation (ZGMC). We affirm.

Facts

The appellants and ZGMC jointly acquired an aggregate insurance policy that covered the interests of the companies up to total losses of $16.5 million, after a total retention of $500,000. The three companies agreed on a formula for sharing the premium costs and the deductible — ZGMC bore 61 percent, Zapata Corporation, 28.4875 percent, and Are-thusa, 10.5125 percent. These percentages were based on the companies’…