Masagana obtained five (5) insurance policies covering various property described therein against fire, for the period from May 22, 1991 to May 22, 1992.
In March 1992, petitioner evaluated the policies and decided not to renew them upon expiration of their terms on May 22, 1992. Petitioner advised respondent’s broker, Zuellig Insurance Brokers, Inc. of its intention not to renew the policies.
On April 6, 1992, petitioner gave written notice to respondent of the non-renewal of the policies at the address stated in the policies.
On June 13, 1992, fire razed respondent’s property covered by three of the insurance policies petitioner issued.