NY Court Backs Insurer on Steel Fabricator’s Unpaid Premiums

A steel fabricator owes an American Financial Group Inc. unit more than $300,000 in unpaid general liability insurance premiums and damages, a federal court ruled.

The policies issued by American Empire Surplus Lines Insurance Co. require Cyncal Steel Fabricators Inc.'s premiums to be calculated as a percentage of its “gross receipts,” including those for work outside the policy periods, the US District Court for the Eastern District of New York said in a Nov. 7 order, granting partial summary judgment to the insurer.

The term “gross receipts” in the insurance policies is “unambiguous and includes all revenues Cyncal received during ...