Joe E. Freund, Inc. v. Insurance Company of North America

This appeal involves a suit on or a suit to reform an inland marine, so-called “All Risk”, policy of insurance containing a one-year time limitation of suit clause valid under Louisiana law. Finkelstein v. American Ins. Co., 1952, 222 La. 516, 62 So.2d 820. The accident occurred on November 2, 1962, when a barge carrying the Assured’s machinery and equipment in the tow of a contract carrier sank in the Yazoo River in Mississippi. Within two weeks, the Insurer, pursuant to a policy exclusion, declined liability for marine losses except when the property is in the custody of a common carrier.…