National Fire Insurance v. Dennison

Citations

• 93 Ohio St. (N.S.) 404

Syllabus

<p>Fire insurance — Real and personal property — Concurrent insurance —Recovery for partial loss — Effect of valued-policy law — Sections 9583 and 9584, General Code.</p> <p>An insurance company issued three separate policies of insurance, one covering a frame building and two covering a stock of goods, furniture and fixtures contained therein. At the time of the fire there was concurrent insurance by other companies on the same property in specified amounts. Each of these policies contained a stipulation that the company should not be liable under the policy for a greater proportion of any loss on the described property than the amount thereby insured should bear to the whole insurance, whether valid or not, or by solvent or insolvent insurers, covering such property. The insured suffered partial loss by fire on both the building and personalty, Held:</p> <p>1. In such action, on the policy issued on the building, the insured could recover for the full amount of the partial loss thereon, and was not limited by any such stipulation to a proportionate amount that such policy bore to the whole insurance.</p> <p>2. As to the building, such stipulation limiting liability and payment for the actual partial loss, was void by reason of the valued-policy law. (Sections 9583 and 9584, General Code.)</p> <p>3. These sections of the valued-policy law apply to buildings and structures named therein and do not affect insurance contracts covering personal property.</p> <p>4. As to personal property, the stipulations named in the policy are valid, and recovery based upon insurance contracts containing such stipulations is limited to the proportion of the loss that the amount thereby insured bears to the whole insurance.</p>