Koblitz v. American Credit Indemnity Co.

Citations

• 92 Ohio St. (N.S.) 272

Syllabus

<p>Bonds — Credit indemnity — -Sufficiency of notice by insured — Of insolvency of debtor — Knowledge of agent of insurer — Notice to company — Waiver of formal notice.</p> <p>A bond issued by a credit indemnity company, as indemnity against loss from bad debts accruing from sales of merchandise, provided for notice of each insolvency of debtors to be given to the company within a time fixed, and also provided that knowledge on the part of or notice to any agent or representative other than certain designated officers should not estop the company from enforcing any of the provisions of the bond or be held to be a waiver thereof. The insured gave notice of the insolvency of a debtor, within the time fixed, on a blank furnished by the company, but which did not fully comply with the requirements of the bond. The company, within the period named, began an investigation; one of the designated officers corresponded with the insured concerning the matter and had full knowledge of all facts of which the insured was required to furnish notice. Held: That knowledge and notice of the designated officer was notice to the company, and its action waived the more formal notice provided for.</p>