The policy condition that the maximum value of all property in the custody of the insured or any of its employees or salesmen outside of the premises would not exceed $50,000 is clearly a warranty under section 150 of the Insurance Law. (See Grady v Concordia Fire Ins. Co., 267 N.Y. 177.) Moreover, it is binding on the insured despite the absence of the insured's signature on the indorsement containing the warranty, even though provision was made on the indorsement...
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