In Brief
A borrower stored goods hypothecated to a bank and claimed insurance for flood damage under a policy excluding storm, tornado, flood and inundation (STFI) perils. The insurer had issued the new policy at a changed location with explicit STFI exclusion and refunded the premium for that cover. The Supreme Court held the insurer was not liable. The policy at the new location was a fresh contract, not a renewal, and the insurer could lawfully exclude STFI perils. The insured's receipt of the policy document and premium refund without protest meant they could not later disclaim knowledge of the exclusion.
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