Appellate Division of the Supreme Court of the State of New York March 29, 2011 (Il Cambio, Inc. v. U.S. Fidelity & Guaranty Co.)

Plaintiffs are precluded from obtaining reimbursement on a *651replacement cost claim since they “failed to satisfy the condition precedent of rebuilding” (DeLorenzo v Bac Agency, 256 AD2d 906, 907 [1998]; see D.R. Watson Holdings, LLC v Caliber One Indem. Co., 15 AD3d 969 [2005], lv dismissed 5 NY3d 842 [2005]; Alpha Auto Brokers v Continental Ins. Co., 286 AD2d 309, 310 [2001]).