On April 12, 1994, plaintiffs' tenant 75-27 B&F Supermarket, Inc., which was insured by defendant Tower, sustained a fire loss to its premises in Flushing. B&F submitted a sworn proof-of-loss to Tower, wherein it represented that there were no encumbrances on the destroyed property, and that no one else had an interest therein. Without independently checking the veracity of this assertion, Tower paid $70,000 in insurance proceeds to B&F in December 1994.
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