Buddy Bean Lumber Company v. Axis Surplus Insurance Company

MURPHY, Circuit Judge.

After electrical wiring was stolen from its lumberyard, Buddy Bean Lumber Company (Buddy Bean) filed a claim with its insurer, Axis Surplus Insurance Company (Axis), to recover the actual cash value of the wire. Axis refused to pay the full claim, citing a coinsurance provision in the policy. Buddy Bean then brought this action seeking to recover under the policy. Both parties moved for judgment on the pleadings. The district court granted the insurer’s motion, and Buddy Bean appeals. We reverse and remand for entry of judgment in favor of Buddy Bean.

I

Buddy Bean owns a…