Boardwalk Apartments, L.C. v. State Auto Property & Casualty Insurance

BACHARACH, Circuit Judge.

Boardwalk Apartments, L.C. sued State Auto Property and Casualty Insurance Co. for breach of an insurance policy, contending that State Auto had underpaid on the policy after one of Boardwalk’s eight apartment buildings (Building 1) was destroyed in a fire. 1 In district court, State Auto contended that Boardwalk was-un-derinsured under the policy’s coinsurance provision. Under this provision, Boardwalk’s insurance benefits were reduced if the value of the Boardwalk apartment complex exceeded the policy limit.

Before trial, the district court issued two rulings that…