M. Pachman, Inc. v. New Amsterdam Casualty Co.

This is an action on two policies of insurance against burglary, one known as a mercantile safe policy and the other ás a mercantile open stock policy, the former a $25,000, the latter a $1,000 coverage. The two policies are substantially similar in form. The defendant by one of its policies agreed " To indemnify the Assured for all loss by burglary, of property insured hereunder from within that part of any safe or vault * * *, while such safe or vault is duly closed, and locked by at least one combination or time lock and located in the Assured’s premises as hereinafter defined.” The policy…