Defendant, a foreign insurance company, through a broker, offered insurance, including fire loss coverage for a shopping center owned by plaintiff. The broker who was authorized by defendant to bind the insurance in favor of plaintiff, delivered a binder to plaintiff and collected a premium of $33,000 on September 30, 1987. The binder provided $1,000,000 of primary insurance in favor of plaintiff and its mortgagee-lender Chase Manhattan Bank, N.A. Eight days later, defendant...
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