Lozier Automobile Exchange v. Interstate Casualty Co.

Plaintiff is incorporated under Iowa laws, and the defendant under the laws of Alabama, with its principal place of business at Chicago. In November, 1919, plaintiff, a dealer in used automobiles, entered into a contract of insurance with defendant whereby defendant agreed to “indemnify plaintiff against any and all pecuniary loss or losses which the insured shall sustain by reason of the theft, larceny, embezzlement, or larcenous, felonious, or wrongful conversion of any automobile covered hereby, same being* the direct act of the purchaser of said automobile, or committed or occasioned by…