Ace Wire & Cable Co. v. Aetna Casualty & Surety Co.

The comprehensive employee dishonesty insurance policy issued by defendant specifically excludes from its coverage any loss “the proof of which, either as to its factual existence or as to its amount, is dependent upon an inventory computation or a profit and loss computation”. Plaintiff’s claim is based upon the disappearance of 116 reels of wire and cable. The loss was discovered during a physical inspection of stock in the warehouse. I cannot perceive any difference in the ascertainment of a loss solely by reference to inventory records which detail the physical count of individually…