Mr. Russell T. Mount, of New York City, for petitioner.
Mr. T. Catesby Jones, of New York City, for respondent. [283 U.S. 284, 285]
Mr. Justice STONE delivered the opinion of the Court.
Dreyfus & Co. purchased wheat at $1.38 1/2 a bushel, C. I. F. Montreal. The wheat was shipped on the steamship Glenorchy from Port Arthur to Montreal by the seller, who had insured it, with respondent, for buyer's account, at a valuation of $1.42 a bushel, the risk to begin immediately after the loading of the vessel. Dreyfus also effected insurance, with petitioner, covering 'increased value' of the grain above its C. I. F. cost. That value was stipulated to be the difference between C. I. F. cost and the highest market value per bushel between the day of sailing and the day on which cargo would have arrived at destination if the loss had not occurred, plus 5 cents. The applicable clause of the policy, so far as material, is printed in the margin.