60 A.D.2d 749 | N.Y. App. Div. | 1977
Judgment unanimously affirmed, without costs. Memorandum: The trial court correctly dismissed plaintiff Sarah Incardona’s cause of action to recover on a policy of fire insurance for loss to a building for failure of proof as to the extent of the loss. On August 5, 1974 plaintiff purchased property located at 528 West Utica Street in Buffalo for $35,000 ($15,000 for the building and $20,000 for the contents). The property was insured by defendant for $100,000 ($65,000 for the building and $35,000 for the contents). On July 21, 1975 a fire damaged the building and its contents. Plaintiff’s complaint alleges that the actual cash value of the loss to the building and contents was in excess of the maximum policy coverage. Plaintiff’s proof, as to damages to the building, consisted solely of the cost of repairing the building. The standard New York fire insurance policy provides that the amount recoverable is "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” (Insurance Law, § 168, subd 5). The purpose of an action on a fire insurance policy is to attempt to put the insured in as good a position as he would have been had no fire occurred, by awarding him the actual cash value of the property lost or damaged. Actual cash value (ascertained with proper deductions for depreciation) means actual value expressed in terms of money (Sebring v Firemen’s Ins. Co. of Newark, 227 App Div 103). While reproduction cost less depreciation is