Gist v. Aetna Casualty & Surety Co.

MEMORANDUM OPINION

MORRIS SHEPPARD ARNOLD, District Judge.

On September 15, 1984, defendant Boozman, an insurance agent, wrote a “Business Owner’s Deluxe Policy” for plaintiff, naming First National Bank of Fort Smith (FNBFS) as the loss payee; the policy was placed with Aetna. On October 4, 1985, a fire occurred at plaintiff’s business resulting in the type of loss covered by the policy. Defendant Aetna has failed and refused to pay plaintiff for his loss; it contends that the policy was cancelled on February 24, 1985, for non-payment of premium.

Plaintiff claims that neither he nor FNBFS…