Lucille Ladies' Ready-To-Wear, Inc. v. Glens Falls Ins.

This is a suit on a policy of insurance on a stock of merchandise that was destroyed by fire. The insurance company denied liability on the ground that the insured had violated the iron safe clause, viz.;

“1. The assured will take a complete itemized inventory of stock on hand at least once in each calendar year, and, unless such inventory has been taken within twelve calendar months prior to the date of this Policy, one shall be taken in detail within 30 days of issuance of this Policy, or the Policy shall be null and void from such date, and upon demand of the assured the unearned premium…