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MATTER OF NEIRS-FOLKES, INC.

75 A.D.2d 787 (1980)

In the Matter of the Arbitration between Neirs-Folkes, Inc., Appellant, and Drake Insurance Company of New York, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

May 29, 1980

Petitioner-appellant, Neirs-Folkes, Inc., (Neirs-Folkes) a New Jersey based insurance agent, and respondent, Drake Insurance Company of New York (Drake), entered into an agency agreement authorizing Neirs-Folkes to solicit and issue umbrella liability policies on behalf of Drake. Compensation of Neirs-Folkes was fixed at a percentage of the net premium collected on the policies it issued and a contingent commission on a percentage of Drake's net underwriting profits on such...

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