Peerless Ins. Co. v. Associates Financial Services of America, Inc., 770056
| Decision Date | 03 March 1978 |
| Docket Number | No. 770056,770056 |
| Citation | 241 S.E.2d 792,218 Va. 876 |
| Parties | PEERLESS INSURANCE COMPANY v. ASSOCIATES FINANCIAL SERVICES OF AMERICA, INC. Record |
| Court | Virginia Supreme Court |
Albert D. Bugg, Jr., Richmond (Sands, Anderson & Marks, Richmond, on brief), for plaintiff in error.
Donald R. Skinker (Pribble & Skinker, Fredericksburg, on brief), for defendant in error.
Before I'ANSON, C. J., and CARRICO, HARRISON, COCHRAN, HARMAN and COMPTON, JJ.
This action was instituted by Associates Financial Services of America, Inc. (Associates), the "loss payee" under an automobile insurance policy issued to Alvis Wayne Adair (Adair), against the insurer, Peerless Insurance Company (Peerless). After a bench trial, the trial court awarded judgment to Associates for $1500.04, the full amount of its claim, and Peerless appealed.
The facts have been stipulated. Adair was the owner of a 1973 Dodge automobile which was severely damaged in a collision with another vehicle on November 16, 1975. On the date of this accident, Adair was indebted to Associates for $1500.04 secured by a lien on the automobile in question. Prior to the accident the car had a fair retail value of $2,512.50. The vehicle was so badly damaged in the accident that it was not economically feasible to repair it, but it had a salvage value of $255.01. Adair made no payments on his indebtedness to Associates after the accident.
Peerless, on April 23, 1975, issued its policy with attached declarations (Part B) providing Adair with comprehensive coverage against physical loss or damage to the car between that date and October 23, 1975. Associates was a "loss payee" under the policy. The premium was paid by Adair for the initial term of six months, and both Adair and Associates were furnished with copies of the policy declarations and policy which contained the following typewritten endorsement:
On September 26, 1975, Peerless issued and forwarded to Adair and Associates a renewal declarations sheet (Part B) of the policy for an additional term of six months, or from October 23, 1975, to April 23, 1976. The face of the declarations sheet shows the "amount due" for premiums to be "$124.00" and the "due date" to be "10/23/75". Since the renewal premium had not been received by October 23, 1975, Peerless, on that date, forwarded by first class mail to Adair, but not to Associates, a "Notice of Lapse" which reads as follows:
Adair did not respond to this notice and the renewal premium was never paid. On November 17, 1975, Peerless sent by first class mail addressed to both Adair and Associates a "Notice of Cancellation or Termination of Coverage" reading as follows:
Associates received this notice on November 21, 1975.
In its brief and at argument Associates conceded that the only real issue here is whether a loss payee under a policy providing comprehensive coverage against physical loss or damage is entitled to notice of termination of coverage for nonpayment of a renewal premium by the named insured. Associates says that such...
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