Sebring v. Firemen's Insurance Co. of Newark

This is an action on a fire insurance policy to recover the value of certain buildings which were destroyed by fire. The defendant insured the plaintiff “ to the extent of the actual cash value (ascertained with proper deductions for depreciation) of the property at the time of loss or damage, but not exceeding the amount which it would cost to repair or replace the same with material of like kind and quality within a reasonable time after such loss or damage.”

“ Actual cash value ” means “ actual value ” expressed in terms of money. That real value constituted the measure of damages to which…