Brown & Krueger, Inc. v. Firemen's Insurance Co. of Newark

The rule has been long established that where floating policies have been issued by different insurers to a single insured and the total applicable insurance is sufficient to pay the entire loss, each insurer is responsible for the proportion of the total loss which the amount of its policy bears to the whole amount insured (Golde v. Whipple & Co., 7 App. Div. 48). We see no reason to here apply a different rule. The distinguishing feature is that defendant had issued a floating policy to plaintiff’s bailee in the face amount of $375,000 covering the property of various customers of the…