Abend v. Haberman

On June 1, 1948, the plaintiff placed in storage with the defendant "a Persian lamb coat and a Persian lamb hat, which she had bought from the defendant the preceding December for $1,564. A few days later the defendant sent the plaintiff by mail a printed receipt in which the articles were valued at $100. The following provisions of the receipt are material to the present issue:

We shall keep said property insured against all direct loss or damage by fire, and in ease of such loss or damage we will either pay the amount allowed by the Insurance Company or Companies to compensate such loss or…