The bonds at issue do not contain a limit of liability within the meaning of Insurance Law § 7608 (c). We reject the Superintendent's contention that liability is implicitly limited to the face amount of the covered obligation and excludes interest. A bond is treated as a policy of insurance (see, First Natl. Bank v National Sur. Co., 228 N.Y. 469, 472), where the general rule limits the insurer's liability to the face amount plus appropriate interest...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.