Louisiana Farm Bureau Mutual Insurance v. Thompson

[iMARCUS, Justice. *

John Thompson III (Thompson), a resident of Alexandria, owned certain commercial real estate in that city and purchased fire insurance on the property from Louisiana Farm Bureau Mutual Insurance Company (Farm Bureau). On April 15, 1995, a fire occurred that caused substantial damage to the insured premises. A representative of Farm Bureau visited the site with Thompson shortly after the fire, adjusted the loss, and issued a draft for $44,001.23 on May 12, 1995.1 In exchange for the insurance proceeds, Thompson executed an agreement whereby he assigned, transferred, and…