Paskusz v. Philadelphia Casualty Co. (213 N.Y. 22, 1914)

Cardozo, J.

The plaintiffs are the holders of a policy of credit insurance issued by the defendant. The policy provides that the class of customers to be covered by its protection, and the limit of credit to be given to each of them, shall be described in an annexed schedule. The schedule distinguishes between old customers and new. The former are those to whom the indemnified has shipped goods within eighteen months before the shipment of the first item included in the account upon which loss has been incurred. The latter are those to whom he has shipped no goods within eighteen months, or to whom he has never sold any goods. Customers, whether old or new, are covered by the policy if they possess one of the capital and credit ratings specified in the following schedule: