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MERCANTILE v. COLONIAL ASSUR.

184 A.D.2d 177 (1992)

Mercantile & General Reinsurance Co., plc, Respondent, v. Colonial Assurance Company et al., Defendants, and Spanno Corporation, Appellant

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

December 29, 1992

Attorney(s) appearing for the Case

Andrew C. Hall of counsel, Miami, Florida (Ira E. Garr and Marc Cooper with him on the brief; Stein & Garr, Hall, O'Brien & Sack, P. A., and Cooper & Wolfe, attorneys), for appellant.

Stuart Cotton of counsel, New York City (Andrew Maneval, Marilu Cain and Guy P. Dauerty with him on the brief; Mound, Cotton & Wollan, attorneys), for respondent.

MILONAS, J. P., ROSS and ASCH, JJ., concur.

ROSENBERGER, J.

The defendant Spanno Corporation (Spanno) was engaged in the "residual guarantee" business. It guaranteed prospective purchasers of capital equipment that the equipment would have a stated value at a given future date. Since Spanno's business required insurance to assure its customers that it would be able to make good its guarantees, Spanno obtained

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