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- Title
Bankers Blanket Bond Termination Provisions Upheld.
- Abstract
The article reports that the U.S. Sixth Circuit Court of Appeals has reversed a trial court decision awarding the Federal Deposit Insurance Corp. (FDIC) $6.5 million in compensatory and punitive damages for Aetna Casualty and Surety Co. failure to honor FDIC's claims under a bankers blanket bond. In reversing the trial court's decision, the court of appeals ascertained that the clauses limiting Aetna's liability did not violate any clearly articulated public policy. The court noted that FDIC had failed to demonstrate any statutory provision in the banking laws that supported its position that the bond could not be canceled according to its terms.
- Subjects
UNITED States; FEDERAL Deposit Insurance Corp.; AETNA Casualty &; Surety Co.; BLANKET bond insurance; BOND insurance; EXEMPLARY damages; LEGAL judgments; UNITED States. Court of Appeals (6th Circuit); BANKING laws; ACTIONS &; defenses (Law)
- Publication
Journal of Risk & Insurance, 1990, Vol 57, Issue 3, p169
- ISSN
0022-4367
- Publication type
Article