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5555 Boatworks Drive LLC v. Owners Insurance Co.

United States District Court, D. Colorado

December 13, 2017

5555 BOATWORKS DRIVE LLC, Plaintiff,
v.
OWNERS INSURANCE COMPANY, Defendant.

          ORDER GRANTING IN PART DEFENDANT'S MOTION FOR SUMMARY JUDGMENT

          CHRISTINE M. ARGUELLO United States District Judge

         This matter is before the Court on Defendant Owners Insurance Company's Motion for Summary Judgment, wherein Defendant argues that Plaintiff 5555 Boatworks Drive LLC cannot recover on its claims because it did not satisfy the terms of the parties' insurance contract. (Doc. # 40.) Defendants request that the Court enter summary judgment in its favor and dismiss Plaintiff's case entirely. (Id. at 8.) For the reasons described below, the Court grants in part and denies in part Defendant's motion.

         I. BACKGROUND

         Defendant insured the property at 5555 Boatworks Drive, Highlands Ranch, Colorado (the “Property”), pursuant to Policy Number 74041388 (the “Policy”) at all relevant times. (Doc. # 3 at 2.) Plaintiff was the direct beneficiary of the Policy. (Id.) Relevant here, the Policy stated that Defendant “[would] not pay for loss or damage caused by or resulting from . . . [w]ear and tear.” (Doc. # 40-4 at 4.)

         Also relevant to the instant motion, the Policy explained that the insured (Plaintiff) may make a claim for replacement cost instead of or in addition to a claim for actual cash value.[1] (Doc. # 40-1 at 14.) Where an insured seeks the replacement cost, the following restrictions applied:

3. Replacement Cost . . .
d. We will not pay on a replacement cost basis for any loss or damage:
(1) Until the lost or damaged property is actually repaired or replaced; and
(2) Unless the repairs or replacement are made as soon as reasonably possible after the loss or damage.
e. We will not pay more for loss or damage on a replacement cost basis than the least of:
(1) The Limit of Insurance applicable to the lost or damaged property;
(2) The cost to replace, on the same premises, the lost or damaged property with other property;
(a) Of comparable material and quality; and
(b) Used for the same purpose; or
(3) The amount you actually spend that is necessary to repair or replace the lost or damaged property.

(Id.) (emphasis added).

         On September 29, 2014, the Property was damaged by hail and wind during a severe storm. (Doc. # 3 at 2.) Plaintiff states that damage to the Property is estimated at $577, 383.55. (Id.) Plaintiff filed a claim with Defendant shortly after the ...


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