Amusement Syndicate Co. v. Prussian National Insurance

Citations

• 85 Kan. 367
• 116 P. 620
• 1911 Kan. LEXIS 76

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Insurance — Total Loss — Failure to Rebuild — Measure of Damages — Loss of Rents. An insurance policy upon a building used for a theater, stores and offices, provided in substance that in the event of a fire the insurer’s liability should' be measured by the loss of rent until the building was rebuilt or repaired, but in case the insured elected not to rebuild or repair the‘premises the amount should be determined by the time which would have been required for such purpose. The. building was practically entirely destroyed by fire. A city ordinance forbade its reconstruction as a theater. A store and. office building was erected upon the site. Held, that the recovery should be based upon the time it would have taken to-reconstruct the old building, had that been permissible, and. not upon the time it actually took to build the new one.</p> <p>2. “Valued Policy” — Not Applicable to Insurance against Loss-of Rents. The provisions of the valued-policy law making the-amount named in an insurance policy covering improvements on real estate conclusive evidence of value in case of a total loss, do not apply to a policy which insures against the loss in rents through the destruction of such improvements.</p> <p>3. Arbitration — When neither Assured nor Insurer Demands Arbitration — Action on Policy. An insurance policy contained these provisions: “In the event ■ of disagreement as to the-amount of loss the same shall ... be ascertained by two-competent and disinterested appraisers; the insured and the company each selecting one, and the two so chosen shall first select a competent and disinterested umpire. . . . The loss, shall not become payable until sixty days after the notice, ascertainment, estimate and satisfactory proof of loss herein, required have been received by the company, including an. award by appraisers when appraisal has been required. . . . No suit or action on this policy for the recovery of any claim shall be sustainabl