"Surety insurance" includes:
1. Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.
2. Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship.
3. Insurance indemnifying banks, bankers, brokers, financial or monied corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semi-precious stones, including any loss while they are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation, and also insurance against loss or damage to such an insured's premises or to his furnishings, fixtures, equipment, safes and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt to commit such crimes.
Notes of Decisions
Cited in
3
cases, 1975–1989 · leading case:
Watson v. Welton, 563 P.2d 331 (Ariz. Ct. App. 1977).
Watson v. Welton, 563 P.2d 331 (Ariz. Ct. App. 1977).
· cites it 4× “Watson Co., Inc. We agree and therefore must reverse that part of the amended judgment holding the surety liable under this bond.”
Dodge v. Fid. & Deposit Co. of Md., 778 P.2d 1240 (Ariz. 1989).
“Section 20-257(2) *346 includes within its definition of “surety insurance”: Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship.”
Liberty Mut. Ins. v. Thunderbird Bank, 542 P.2d 39 (Ariz. Ct. App. 1975).
· cites it 2× “See A.R.S. § 20-257. Second, I do not consider an assumption of risk by the surety to be an “equity” which must be balanced.”
— Ariz. Rev. Stat. § 20-257(2) — 1 case
Dodge v. Fid. & Deposit Co. of Md., 778 P.2d 1240 (Ariz. 1989).
“Section 20-257(2) *346 includes within its definition of “surety insurance”: Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship.”
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