Financing Company Gets Refund of Unearned Premium From Carrier, Plus Interest

A federal appellate court ruled that a premium financing company was entitled to a refund of unearned premium it paid for insurance coverage, plus interest on the full amount. Case: Continental Indemnity Co. v. IPFS of New York LLC, No. 20-2282, 08/03/2021, published. Facts: Continental Indemnity Co. issued a workers’ compensation insurance policy to AGL Industries Inc. in February 2016. The policy was renewed annually. In February 2019, AGL renewed the policy through February 2020. The annual premium was $913,358. AGL executed a finance agreement with IPFS, a premium financing compan...