Spexarth v. Rhode Island Insurance

— This is a suit to reform, as for mutual mistake, an insurance policy issued by the defendant company to the plaintiff, insuring* his building in Astoria against loss by fire occurring at any time during the three-year period beginning June 25, 1921. The building was damaged by the great fire in Astoria on December 8, 1922.

The policy is admitted by the plaintiff to be correct according to the alleged actual contract between the parties except for the following stipulation, appearing in the policy really issued:

“Reduced Rate Average Clause. In consideration of the reduced rate at which, and…