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  5. 80 N.Y.2d 1008 (1992)
 

ALBUM REALTY CORP. v. AM. HOME ASSURANCE CO.

80 N.Y.2d 1008 (1992)

Album Realty Corp. et al., Appellants, v. American Home Assurance Company, Respondent.

Court of Appeals of the State of New York.

Decided November 24, 1992.

Attorney(s) appearing for the Case

Zalman & Schnurman, New York City (Norman E. Frowley, Benjamin Zalman and Donna Russo of counsel), for appellants.

Mound, Cotton & Wollan, New York City (John Mezzacappa and Bruce R. Kaliner of counsel), for respondent.

Acting Chief Judge SIMONS and Judges KAYE, HANCOCK, JR., and BELLACOSA concur in memorandum; Judge TITONE dissents and votes to affirm in an opinion; Judge SMITH taking no part.

MEMORANDUM.

The order of the Appellate Division should be reversed, with costs, and the order of Supreme Court reinstated.

American Home Assurance Company issued a builders risk insurance policy to plaintiff Album Realty Corp. covering a building plaintiff was constructing in New York City. The policy insured against "all risks of direct physical loss of or damage to the property insured from any external cause"...

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