New York Dock Co. v. Ernest W. Brown, Inc.

Plaintiff owned a pier in Brooklyn which was insured by several insurance companies, not parties to this action, against loss or damage by fire in an amount not to exceed $324,300. The pier was damaged by fire and plaintiff collected from those insurers $300,000.

Defendant as attorney-in-fact for several underwriters, other than the primary insurers, issued a policy to plaintiff in an amount limited to $60,000 on this pier. This policy, which is the subject of this litigation, provides: u The purpose and intent of this insurance is to reimburse the assured for the difference between the amount…