Syracuse Malleable Iron Works v. Travelers' Insurance

The defendant issued to the plaintiff an employers’ liability policy in the usual form. While the policy was in force an accident happened which resulted in injury to several employees. One of them brought an action against the plaintiff and recovered a judgment. Thereafter the plaintiff and defendant entered into a stipulation whereby it was agreed that the plaintiff herein might settle the actions brought *412against it by the other employees, and that the amount paid, and the expenses should be treated as if paid to satisfy judgments recovered; and it is stipulated in this case that, if the…