London Guarantee & Accident Co. v. Jacobson

The principal question involved in this case is

the construction of the clause in a policy of credit insurance, providing, after the minimum premium has been paid, for an additional payment on the gross shipments and deliveries of merchandise made during the policy period in excess of $200,000. This action is brought to recover the additional payment.

The defendant, a jobber in cotton piece goods, made application to the plaintiff for a policy of insurance against loss arising from accounts owing him by debtors through bona fide sales of merchandise, and a policy issued insuring him from May…