Teague v. Tennessee Farmers Mutual Insurance Co.

MATHERNE, Judge.

The plaintiffs sue the defendant insurance carrier to recover collision damage to a 19-foot Cobalt inboard-outboard pleasure motorboat owned by the plaintiff corporation and insured in the name of the individual plaintiff, Sam Teague, who owns 100% of the common stock of the plaintiff corporation. The chancellor held for the plaintiffs and entered judgment against the defendant insurer. The insurer appeals insisting that the chancellor erred in: (1) holding that the insurer was estopped to deny liability under the policy; (2) failing to find that the policy was void because…