The plaintiff insurance broker sued the defendant insurer for $91,042 based on an erroneous preliminary profit share calculation provided by the defendant.
The actual accrued profit share was $2,402.
The plaintiff argued the erroneous calculation constituted a separate contract or a contract of insurance under the Insurance Act.
The court dismissed the action, finding the letter was not a stand-alone contract, did not constitute insurance, and the erroneous schedule did not bind the defendant to pay the mistakenly calculated amount.
