Home Insurance v. Columbia Insurance Agency, Inc.

Fulton Packing Co;, Inc. (Fulton), brought an action against The Home Insurance Company (Home) and Columbia Insurance Agency, Inc. (Columbia), to recover for a loss arising out of a theft of meat which Fulton claimed was covered by an insurance policy issued by Home through its agent Columbia. Home had denied liability because Fulton’s last report prior to the loss, pursuant to the policy’s “Value Reporting Clause,” had erroneously represented the value of its inventory (at the premises where the theft later took place) as zero. Fulton contended that it had reported the inventory accurately…