Briede v. Commercial Union Assurance Co.

Citations

• 14 Teiss. 120
• 1917 La. App. LEXIS 13

Syllabus

<p>Syllabus.</p> <p>1. Under the valued policy .law of this State (Act 135 of 1900) an insurance company must restore the property damaged by fire to its original condition, if that can lawfully be done; but if this cannot be done the property must \be restored in accordance with the \building laws in force at the time the policy is issued; otherwise the company must pay the assured the cost of doing so, not, however, in excess of the amount of its policy.</p> <p>2. The only purpose of the valued policy law, and even of the policy itself, in distinguishing between total and partial losses, is to make it clear that the contract is one of indemnity, and not a mere wager; and the difference between the company’s liability for a total loss and its liability for a partial loss is simply one of degree and not of kind.</p>