Commercial U. Ins. Co. v. Ryals

The defendant appeals from a judgment of the trial court affirming an arbitration award to the plaintiff in the amount of $96,243.00. We affirm.

The plaintiff's restaurant building was insured against fire by a policy issued by the defendant. The insuring (or limitation) clause provided that the building was insured:

[t]o the extent of the actual cash value of the property at the time of the loss, but not exceeding the amount which it would cost to repair or replace the property with material of like kind and quality. . . .

The policy also contained an appraisal provision stating in part:

The…