Perfume & Cosmetics Palace, Inc. v. CGU Insurance

—Judgment, Supreme Court, New York County (Harold Tompkins, J.), entered September 28, 2001, after a nonjury trial, in an action by an insured against an insurer to recover on a policy of commercial property insurance, awarding plaintiff damages of $560,000 with interest from July 5, 1999, unanimously modified, on the law and the facts, to award plaintiff damages of $111,864 with interest from May 1, 2000, and otherwise affirmed, without costs.

The subject policy provided that inventory, whether sold or unsold, was to be valued on the basis of selling price, minus discounts and expenses.…