Old Reliable Fire Insurance Co. v. Alduro-Raynes Arabians, Inc.

OPINION

ELLIS, Justice.

Old Reliable Fire Insurance Company (Old Reliable) appeals a judgment requiring it to pay the full amount of a mortality insurance policy Alduro-Raynes Arabians, Inc., (Alduro-Raynes) took out on a horse named Arbor. Two questions are presented: First, was the policy requirement that Alduro-Raynes- be the sole owner of Arbor a condition precedent to liability on the insurance contract; and second, if sole ownership was a condition precedent, did Old Reliable waive that condition? We hold sole ownership was a condition precedent that Old Reliable did not waive. We reverse…