Protectors Insurance Service, Inc. v. United States Fidelity & Guaranty Company

132 F.3d 612 (1998)

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Protectors Insurance Service, Inc. v. United States Fidelity & Guaranty Company

United States Court of Appeals for the Tenth Circuit
132 F.3d 612 (1998)

Facts

Protectors Insurance Service, Inc. (Protectors) (plaintiff) was an agent under contract with United States Fidelity & Guaranty Company (USF&G) (defendant). Protectors solicited commercial and personal insurance clients for USF&G, for which Protectors received a commission. In 1992, USF&G breached the parties’ contract and intended to terminate most of Protectors’ business. Consequently, Protectors’ owner sold the company’s assets then filed suit against USF&G for breach. At trial, Protectors submitted expert testimony that the company assets were sold at a loss caused by USF&G’s breach. Protectors’ owner also testified that he would have continued to run the business for 10 years but for USF&G’s breach. The jury found in favor of Protectors and awarded damages of (1) $35,000, representing the difference between the selling price of Protectors’ assets and what its fair market value would have been absent breach plus (2) $809,650 for lost future profits. USF&G appealed the damages award.

Rule of Law

Issue

Holding and Reasoning (Brown, J.)

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