Perez v. Underwriters at Lloyds London

The final judgment under review is reversed and the cause is remanded to the trial court with directions to enter a judgment for the insured Mario Perez in the amount of $40,642.00 upon a holding that: (1) the relevant provision of the marine insurance policy in question [“In the event of loss or damage, cost of repairs to be paid without deduction, new for old ... the Company shall be liable for no more than the cost of repairs or a reasonable value”] affords cost of repair insurance coverage for the insured damaged vessel, (2) the “reasonable value” term, as stated above, is nowhere defined…