Century Indemnity Co. v. Schmick

Plaintiff issued a moneys and securities policy of insurance to the defendant on December 1, 1951, for which the defendant paid a premium of $98.50. The policy covered and protected the defendant from loss by burglary and contained the following exclusion:

“C. The company shall not be liable for loss, destruction or damage caused by: * * * (2) any dishonest, fraudulent or criminal act of the insured or of any officer, employee, partner, director, trustee or authorized representative of the assured, whether acting alone or in collusion with others, but this exclusion shall not apply to loss,…