National Surety Co. v. Rieves

Citations

• 112 Miss. 747
• 73 So. 732

Syllabus

<p>1. Insurance. Fidelity insurance. Bond. Construction.</p> <p>A provision in an employee’s fidelity bond, that the bond should be invalid, unless signed by the employee, is a valid provision and binding unless the surety company has waived this provision or committed some act whereby it is estopped to claim immunity from liability under this condition of the bond.</p> <p>2. Fidelity Insurance. Bond. Signatures Toy principal. Waiver.</p> <p>A written application by an employee for an employee’s fidelity bond, which expressly stipulated that he would reimburse the bonding company for any loss sustained by it on account of the bond, did not constitute a waiver on the part of the company of the provision in the bond, that it would be invalid unless signed by the employee since the bonding company was not compelled to make the bond at all and it had the right to set forth in the bond the terms upon which it would be liable for the honesty of the employee.</p> <p>3. Employee’s Fidelity Insurance. Bond. Signature by principal. Waiver.</p> <p>Where a bonding company did not know that the principal had failed to sign an employees fidelity bond issued by it, until after it was notified of the default, of the principal, when it at once notified the employer that it denied liability because of the failure of the principal to sign, although one renewal payment had been made to the company previous to this time, such facts did not constitute a waiver nor estop the bond company from setting up the defense that the principal did not sign the bond.</p> <p>4. Same. . . •</p> <p>. Where a bonding company di,d not learn that the principal had failed to sign the bond until after a default and no further premiums' were paid, it was sufficient to tender the collected premium for the first tirile :in court.</p> <p>5. InsuRAnce. Employee’s fidelity. Insurance. Agents. Notice.</p> <p>Even though the principal in an employee’s fidelity bond was a special agent to solicit business for the bo