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Edgewater National Bank v. Safeguard Insurance Co.

Decided: December 4, 1963.

EDGEWATER NATIONAL BANK, A BANKING CORPORATION, PLAINTIFF-RESPONDENT,
v.
SAFEGUARD INSURANCE COMPANY, DEFENDANT-APPELLANT



Gaulkin, Foley and Lewis. The opinion of the court was delivered by Gaulkin, S.j.a.d.

Gaulkin

Plaintiff sued on a theft policy. The case was submitted to the Law Division upon a stipulation of facts. The court entered judgment for plaintiff and defendant appeals.

Plaintiff's brief sets forth the following summary of the stipulation, and defendant does not dispute its accuracy:

"Defendant, Safeguard, issued an automobile insurance policy covering a 1960 Rambler, naming the Romar Taxi Service, Inc. (hereafter Romar) as the insured, and recognizing the plaintiff, Edgewater, as holding an encumbrance thereon, and agreeing to insure it to the extent of its interest.

The policy contained the following provisions:

'Coverage D -- Theft (Broad Form):

To pay for loss of or damage to the automobile, hereinafter called loss, caused by theft, larceny, robbery or pilferage.'

[Excluding]:

'* * * loss due to conversion, embezzlement or secretion by any person in possession of the automobile under a bailment lease, conditional sale, purchase agreement, mortgage or other encumbrance.'

Romar's officers and stockholders were the following:

President: Robert Limburg -- 49 shares;

Vice-President: Margaret M. Limburg -- 2 shares;

Secretary and Treasurer: Harriet Limburg ...


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