FACTS
The defendant, Wellington Insurance Co., Inc. insured for P24,346,509.00 the buildings, stocks and machinery of plaintiff Artex Development Co., Inc., against loss or damage by fire or lighting upon payment by plaintiff of the corresponding premiums. On August 2, 1963, said properties were insured for an additional sum of P883,034.00. On May 12, 1963 defendant insured plaintiff against business interruption (use and occupancy) for P5,200,000.00.
On September 22, 1963, the buildings, stocks and machineries of plaintiff’s spinning department were burned. The notice of the loss and damage was given the defendant, and the loss was referred to the H. H. Bayne Adjustment Co. and the Allied Adjustment Co.