St. Paul Fire & Marine Insurance v. Griffin Construction Co.

Robert L. Brown, Justice.

Appellant St. Paul Fire & Marine Insurance Company appeals a judgment in favor of appellee Griffin Construction Company in the amount of $1,213,426.33. Griffin Construction sued under a builders risk policy issued by St. Paul following the total loss by fire of a building that Griffin Construction was renovating. St. Paul now appeals the judgment and contends that the trial court misapplied the valued policy law, which is set out at Ark. Code Ann. § 23-88-101 (Repl. 1992). We agree, and we reverse the judgment and dismiss.

In 1996, Griffin Construction entered into a…