Rausch Co. v. Franklin Fire Ins. Co.

Plaintiff was engaged in the naval stores business in New Orleans, where ,it kept in its yards a stock of turpentine, rosin, pine tar, and pitch. It carried an open policy of marine insurance on said stock in the Franklin Fire Insurance Company, amounting to $125,-OOO, which policy insured it against loss by various perils, fire being one of them.

On April 12, 1928, plaintiff’s yards were visited by fire which destroyed a large portion of its stock and damaged some of that which was not consumed. Following the fire, plaintiff made out proofs of loss claiming loss and damage amounting to…