Michigan Mortgage-Investment Corp. v. American Employers' Insurance

On March 14, 1924, the defendant issued a policy wherein it agreed to indemnify plaintiff for one year in a sum not exceeding $5,000 for any loss occasioned by the embezzlement or misappropriation of its funds by any of the employees named therein, among whom was Gfretchen K. Colt. On March 14, 1925, it issued what is called a “continuation certificate,” reading as follows:

“In consideration of the sum of eighty-five and no-100 dollars ($85.00) Schedule Bond F6, issued to Michigan Mortgage-Investment Gompany on the fidelity of the employees guaranteed as per schedule is hereby continued' in…