Breshears v. Indiana Lumbermens Mutual Insurance

The sole question presented in this appeal is whether, after recovering under an “open” fire insurance policy the cost of restoring a building to its pre-fire condition, the respondents may also recover the additional costs of reconstructing in compliance with changed building codes. Accordingly, the controversy centers on the interpretation of sections 411, 412, 2051, 2070 and 2071 of the Insurance CoclV.

Section 411 reads: “An open policy is one in which the value of the subject matter is not agreed upon, but is left to be ascertained in case of loss. ’ ’

Section 412 reads: “A valued policy…