Law360, London (July 4, 2019, 5:33 PM BST) -- A Hiscox Ltd. unit pushed back against a broker's claim that the insurance giant failed to pay promised commissions, fighting the counterclaim in its dispute over a deal to cover motorsports clients.
The insurer, which acts as the underwriter for Lloyd’s Syndicate 3624, sued Edge Brokers London Ltd. in High Court for approximately £1.1 million ($1.4 million) over claims the defendant company delegated the underwriting of competition cars insurance — road and race cover for road-legal vehicles. The broker has denied violating the contract, and likewise made a counterclaim for £27,462 for in profit-related commissions it says Hiscox still owes.
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