Smith v. Home Ins. Co.

The opinion of the Court was delivered by

Mr. Justice FishburnE.

Appellant issued its policy insuring the motor truck of respondent against direct, loss, or damage by fire, with proper deduction for depreciation; the limit of liability to be what it would cost to repair, or replace, the said truck, or parts thereof with other of like kind and quality. By the terms of the policy the respondent, Guy Preston Smith, as purchaser, and Universal Credit Company, mortgagee, were the assured. The policy specifically provided: “Loss, if any, to be adjusted with the purchaser assured, though to be paid,…