Edgewood Manor Apartment Homes, LLC v. RSUI Indemnity Co.

SYKES, Circuit Judge.

-These consolidated appeals raise an interesting question of insurance law: Does a claim for “replacement cost” proceeds under a property-insurance policy survive the insured’s sale of the damaged property in its unrepaired state? The issue is buried under layers of transactional and procedural complexity; we will simplify where possible. Edgewood Manor Associates, Ltd. (“Edgewood Associates”) owned an apartment complex in Gulfport, Mississippi, that was insured against property damage under a policy issued by RSUI Indemnity Company. In the event of a covered loss, RSUI…