Wagner v. National Fire Ins.

The plaintiff, Francis A. Wagner, as trustee, on January 26, 1929, took out insurance policies on a manufacturing plant in six companies in the aggregate sum of $100,000 for a term of one year, of which amount $20,000 was with the defendant, National Fire Insurance Company. The sound value of the whole property for insurance purposes was fixed by appraisement at $112,843. A reduction in rate was allowed under 90% coinsurance clauses contained in the policies, and $100,000, the total amount of insurance, represented approximately 90% of the appraised value. The property covered by these…