Bankers State Bank v. New Jersey Fidelity & Plate Glass Insurance

This was an action to recover on an insurance policy-known as a burglar policy issued to the Savoy Ball Booms, Inc., under which a loss occurred in the amount of $5,110.05, on the morning of November 13, 1928. The claim under the policy was subsequently assigned to the Banker’s State Bank, plaintiff herein, as security for a loan negotiated by the Savoy Ball Booms, Inc. The policy limited the loss to $7,500 and contained, among other things, a clause entitled, “Special protection to avoid ‘Hold-up’ is adopted as follows: ‘Two Armed guards on duty at all times while said Policy is in force.’ ”…