FORD, J.
The defendant insurance company issued to the plaintiff a policy of insurance in the amount of $150,000 which was in part as follows (the typewritten portion thereof being indicated by the use of italics): "1. The conditions of this policy are that if the building(s) or structure(s) or machinery or equipment and/or raw stock excluding packaged sheet steel ... on premises situated No. 801 and 817 East 18th Street Los Angeles, California and occupied...
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