A policy of insurance over partnership property that applies indifferently to both separately owned and jointly owned property is a joint policy, not a composite policy. Under a joint policy, the fraud of one co-insured in deliberately causing the insured loss defeats the claim of the other innocent co-insured. The 'socially realistic' approach permitting recovery by an innocent co-insured is confined to composite policies where the degree of separation of interests is sufficient. A policy condition providing that 'any act or neglect of an individual party will not prejudice the rights of the other party/parties' does not extend to the fraud of one of two jointly insured parties.
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