Bankers Trust Company, a Corporation v. Pacific Employers Insurance Company, a Corporation, and the Century Insurance Company, Limited, a Corporation

Appellant acquired from appellees four policies of fire insurance securing the owner of the Bankers Trust Building in Reno, Nevada, against loss by fire. On or about February 5,1957, the said building was totally destroyed by an explosion and fire, while the said insurance policies were in full force and effect. The policies had a face value of $290,000, but by specific terms contained in the policies recovery was limited to the actual cash value of the property. Further provisions were to the effect that the amount of any loss was to be determined by an appraisal should the parties be unable to agree on the value of the property. Such a disagreement developed subsequent to the fire. The appellees then demanded an appraisal under the terms of the policies, and named an appraiser. Appellant named an appraiser, and the parties entered into a written agreement that an appraisal be had according to the provisions of the policies. The two appraisers were unable to agree upon an umpire, also provided for in the policies,' and appellant petitioned a Nevada state court to appoint one. The Nevada state court granted the petition and appointed an umpire. Thereafter, the umpire and…