Travelers Indemnity Co. v. Armstrong

PRENTICE, Justice.

The defendant issued its policy of insurance denominated a “Farmowner’s Policy,” by the terms of which it insured the plaintiff, as follows:

“ * * * does insure the insured named * * * to the extent of the actual cash value of the property at the time of loss, but not exceeding the amount which it would cost to repair or replace the property with material of like kind and quality * * * against all direct loss by fire * *

The contract (policy) consisted of the basic form known in the industry as “The 1943 New York Standard Form” and also as an “Actual Cash Value Form,” which…