Gather ‘round, young Jedis, for another lesson in why insurance is not a commodity. Today’s tale involves a Homeowners policy, a named insured who complicated matters by not living anymore, some stuff that went missing, and two words.
Our story begins and ends in the burg of Mineral Wells, Texas, where Mr. J.O. Spurlock owned and occupied a home. His Homeowners policy, issued by Beacon Lloyds Insurance Company, listed only him as a named insured. It identified his street address as the “residence premises/dwelling” and provided dwelling and personal property coverage. (Note: Beacon Lloyds dissolved at the end of 2012.)