Jewelers Mutual Insurance v. Firstar Bank Illinois

At issue is whether the exculpatory clause in defendant Firstar Bank’s safety deposit box rental agreement is enforceable under the facts of this case. We hold that it is not.

BACKGROUND

More than $1 million worth of loose diamonds and jewelry was stolen from three safety deposit boxes that defendant leased to jewel dealers at one of its Chicago branches. The safety deposit box lease agreements provided that the relationship of the parties was that of landlord and tenant, not bailor and bailee. Additionally, the agreement contained the following paragraph:

“1. It is understood that said bank has…