three companies have an ins. policy on the same warehouse with the same ins. co. & there is a fire.who can recover an amt for the loss of the warehous

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three companies have an ins. policy on the same warehouse with the same ins. co. & there is a fire.who can recover an amt for the loss of the warehous

Asked on June 15, 2009 under Insurance Law, Ohio

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I'm not an Ohio lawyer, and there's variation in this subject area, but I've worked on enough insurance law cases that I think it's likely that the total that the insurance company pays out will be the total value of the warehouse damages, and no more.  I doubt that more than one of the three companies has a policy as the owner of the warehouse.  The other companies might have insurance on their property that's in the warehouse, and perhaps also business interruption insurance.

The number of insurance policies won't matter.  For each item of damage, there will be one, and only one, payout.


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