First National Bank v. Boston Insurance

The First National Bank of Highland Park, as trustee, held title to property in Lake Forest, Illinois, consisting of two acres of ground improved with a three-story stuccoed frame residence. In March 1952, the four defendant companies issued fire-insurance policies on the building in the aggregate sum of $46,750. The policies, which were identical in their terms and provisions, insured plaintiff “to the extent of the actual cash value of the property at the time of loss, hut not exceeding the amount which it would cost to repair or replace the-property with material of like kind and quality…