FACTS
Gulf Resorts, owner of Plaza Resorts, had its properties insured originally with the American Home Assurance Company. The first 4 policies provides that any loss from earthquake shock was extended only to petitioner’s 2 swimming pool.
The Gulf entered an insurance agreement with PCIC provided that the policy (wording and rates) shall be the same with AHAC. In the policy, the shock endorsement provided that :
In consideration of the payment by the insured to the company of the sum included additional premium the Company agrees, notwithstanding what is stated in the printed conditions of this policy due to the contrary, that this insurance covers loss or damage to shock to any of the property insured by this Policy occasioned by or through or in consequence of earthquake.