First National Bank v. Boston Insurance

In March of 1952 the four defendant insurance companies issued policies of fire insurance aggregating $46,750 to the First National Bank of Highland Park on property to which it held title as trustee under a land trust. Each of the policies indemnified the insured “to the extent of the actual cash value of the property at the time of loss, but not exceeding the amount which it would cost to repair or replace the property with material of like kind and quality within a reasonable time after such loss * * * nor in any event for more than the interest of the insured, against all direct loss by…