Clarendon Nat'l Ins. Co. v. Advance Underwriting Managers Agency, Inc. et al.
Dec 08, 2011OUTCOME: Judgment for Plaintiff - Plaintiff awarded damages in the amount of $605,924.69 and attorneys' fees in the amount of $109,504.65.
Plaintiff and Defendants entered into an agency agreement under which AUM would manage Plaintiff’s insurance policies on a commission basis. The individual defendants guaranteed AUM’s obligations under ... the agency agreement. Commission was paid in advance and, in the event that AUM underperformed, the advance commission resulted in overcompensation and any overages had to be repaid. Consequently, a provision requiring repayment of overpaid commission was included in the agreement as well as a clause awarding attorneys’ fees and costs related to the recovery of any overpaid commission. See 2011 WL 6153691.
