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Main Investment Co. v. United States Fidelity and Guaranty Co.

Decided: December 31, 1953.

MAIN INVESTMENT CO. OF PASSAIC, A CORPORATION, PLAINTIFF,
v.
UNITED STATES FIDELITY AND GUARANTY COMPANY, A CORPORATION, DEFENDANT



Grimshaw, J.s.c.

Grimshaw

Plaintiff, a finance company, is the holder of a policy issued by the defendant which insures the plaintiff against liability for damages resulting from accidents in which automobiles owned by the plaintiff and covered by the policy are involved. Plaintiff seeks a judgment declaring that an automobile which was in an accident on May 28, 1952, was covered by the policy.

The policy in question insured the plaintiff for one year beginning January 31, 1952. It was a renewal of other similar policies, the first of which was for the period commencing January 31, 1950 and ending January 31, 1951. Prior to January 31, 1950 the plaintiff had carried a similar policy with another insurer.

The policy contains a schedule listing four cars covered by the policy. The car in question was not one of those listed nor was any request made to have it substituted for one of those cars listed in the schedule.

The policy contains, among other things, the following provisions:

"IV (4) Newly Acquired Automobile -- an automobile, ownership of which is acquired by the Named Insured who is the owner of the described automobile, if the Named Insured notifies the Company within thirty days following the date of its delivery to him, and if

either it replaces an automobile described in this policy or the Company insures all automobiles owned by the Named Insured at such delivery date; but the insurance with respect to the newly acquired automobile does not apply to any loss against which the Named Insured has other valid and collectible insurance. The Named Insured shall pay any additional premium required because of the application of the insurance to such newly acquired automobile."

Also:

"V Use of Other Automobiles -- If the Named Insured is an individual who owns the automobile classified as 'pleasure and business' or husband and wife either or both of whom own said automobile, such insurance as is afforded by this policy for bodily injury liability, for property damage liability and for medical payments with respect to said automobile applies with respect to any other automobile, subject to the following provisions:

(a) With respect to the insurance for bodily injury liability and for property damage liability the unqualified word 'Insured' includes (1) such Named Insured, (2) the spouse of such individual if a resident of the same household and (3) any other person or organization legally responsible for the use by such Named Insured or spouse of an automobile not owned or hired by such other person or organization."

Plaintiff bases its plea for judgment on the quoted provisions of the policy.

The sequence of events leading up to this controversy is, ...


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