This was an appeal by the Plaintiff Credit Union from a summary trial judgment dismissing the claim. The trial judge held that the credit union’s loss from credit card fraud was not covered by its indemnity for “securities” as defined in the master bond policy issued by the Respondent insurers. The Court of Appeal allowed the appeal, holding that credit card receipts fell within the definition of securities as “drafts”.
30. December 2003 0
North Shore Credit Union v. Cumis General Insurance Co.,  B.C.J. No. 2923, British Columbia Court of Appeal