Duane Reade, Inc. v. St. Paul Fire and Marine Insurance Co.

411 F.3d 384 (2005)

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Duane Reade, Inc. v. St. Paul Fire and Marine Insurance Co.

United States Court of Appeals for the Second Circuit
411 F.3d 384 (2005)

RW

Facts

St. Paul Fire and Marine Insurance Company (St. Paul) (defendant) issued a policy insuring Duane Reade, Inc. (plaintiff) against interruptions to the business operations of its 200 drugstores. The policy’s standard time-element section provided full coverage during a basic restoration period and more limited coverage for an extended period thereafter. The basic period was measured by whatever reasonable time Duane Reade, acting with due diligence and dispatch, would need to rebuild, repair, or replace any damage to which those losses were attributable. Duane Reade filed a claim against the policy after it lost its most profitable store in the so-called 9/11 terrorist attack that destroyed New York City’s World Trade Center (WTC). St. Paul was willing to indemnify Duane Reade only for the time needed to open a new store. Duane Reade sued for indemnification until such time as it could actually open a new store in a rebuilt WTC. The federal district court issued a declaratory judgment stating that Duane Reade was entitled to recover for the time hypothetically necessary to restore functionally equivalent operations at the WTC’s location. St. Paul appealed to the Second Circuit.

Rule of Law

Issue

Holding and Reasoning (Walker, C.J.)

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