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Great-west Life v. Gen. Acc. Fire & Life

OPINION FILED JUNE 9, 1983.

THE GREAT-WEST LIFE ASSURANCE COMPANY, PLAINTIFF-APPELLANT AND CROSS-APPELLEE,

v.

GENERAL ACCIDENT FIRE AND LIFE ASSURANCE CORPORATION, LIMITED, DEFENDANT-APPELLEE AND CROSS-APPELLANT.



Appeal from the Circuit Court of Cook County; the Hon. Arthur L. Dunne, Judge, presiding.

JUSTICE LINN DELIVERED THE OPINION OF THE COURT:

Rehearing denied August 19, 1983.

Plaintiff, the Great-West Life Assurance Company (Great-West), appeals from the order of the trial court denying its motion for summary judgment and granting the cross-motion for summary judgment filed by defendant, General Accident Fire and Life Assurance Company, Ltd. (General Accident). In addition, both parties appeal the entry of judgment in favor of Great-West in the amount of $15,418.66.

The sole issue presented for review is whether the trial court was correct in its determination of the limit of liability imposed by an endorsement to a contract of insurance between the parties. The trial court's decisions on the motions for summary judgment and the amount of the judgment as entered were each a direct result of that initial determination of the limit of liability.

We affirm the decision of the trial court.

FACTS

On July 15, 1978, General Accident issued to Great-West an all-risks policy providing insurance coverage for Great-West's property at several locations and assessing an annual premium of $104,250. The policy contained the following pertinent terms and provisions:

"IN CONSIDERATION OF THE PROVISIONS AND STIPULATIONS HEREIN OR ADDED HERETO AND OF the premium above specified, this Company * * * at location of property involved, to an amount not exceeding the amount(s) above specified [$2,500,000], does insure the insured named above * * * to the extent of the actual cash value of the property at the time of loss, but not exceeding the amount which it would cost to repair or replace the property with material of like kind and quality within a reasonable time after such loss * * * nor in any event for more than the interest of the insured, against all DIRECT LOSS BY FIRE * * *.

3. LIMIT OF LIABILITY

Except as otherwise specified herein or by endorsement hereto, this Company shall not be liable for more than the following limits for any one loss * * *: $2,500,000 as respects the perils of Fire * * *.

4. DEDUCTIBLE

a. All losses, damages or expenses arising out of any one disaster or casualty shall be adjusted as one loss, and from the amount of such adjusted loss shall be deducted the sum of $25,000.

7. PROPERTY COVERED

a. Real Property

Except as hereinafter excluded, this policy covers:

(1) The interest of the Assured in all real property owned, used, or intended for use by the Assured * * * or hereafter erected, or acquired * * *.

(2) The interest of the Assured in the real property of others in the Assured's care, custody or control, and the Assured's liability imposed by law or assumed by ...


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