Suit Seeking Coverage Under Crime Bond Was Untimely, Illinois Panel Affirms
Mealey's (October 4, 2016, 12:22 PM EDT) -- CHICAGO — An Illinois appeals panel on Sept. 30 affirmed a lower court’s ruling that an insured’s lawsuit seeking indemnification under a financial institution crime bond is time-barred, rejecting the insured’s attempt to apply Section 143.1 of Illinois Insurance Code to toll the bond's 24-month filing requirement (Independent Trust Corp. v. Kansas Bankers Surety Company, No. 1-14-3161, Ill. App., 1st Dist., 5th Div.; 2016 Ill. App. LEXIS 670).
(Opinion available. Document #13-161006-062Z.)
On March 19, 2004, Independent Trust Corp. sued Kansas Bankers Surety Co. in the...