Independent Trust Corp. v Kansas Bankers Surety Co.

2016 IL App (1st) 143161 (Ill. App., 2016)

Words & Phrases

Crime Insurance

Trial Judge

Martin Agran, Lee Preston, David Atkins

Appellate Judge

Lampkin

Holding

Trust company's claim under a financial institution crime bond was untimely because it was filed after the 24-month period notice and not tolled because crime policy is fidelity insurance.

Fact Summary

Independent Trust Corporation (Intrust), appeals the circuit court’s order granting summary judgment in favor of defendant, Kansas Bankers Surety Company (Kansas Bankers), finding that plaintiff’s underlying lawsuit seeking indemnification under a financial institution crime bond was time-barred. Intrust contends the circuit court erred in granting summary judgment where the filing requirements provided in the crime bond at issue were tolled pursuant to section 143.1 of the Illinois Insurance Code (Insurance Code) (215 ILCS 5/143.1 (West 2000)). Intrust additionally contends that the circuit court erred in finding it was not entitled to indemnification coverage under the crime bond at issue. On cross-appeal, Kansas Bankers contends the circuit court erred in finding the crime bond’s termination provision conflicted with Illinois public policy and erred in finding Intrust properly provided notice of loss and proof of loss. Based on the following, we affirm the circuit court’s finding that Intrust’s lawsuit was untimely.

Back