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          contract in the State of New York with the understanding that it            
          was pursuant to the free trade zone legislation, article 63 of              
          the New York Insurance Law.                                                 
               Clause 2 of the Shippers Interest contract states:                     
               [Petitioner] will provide space on its "Pick-Up Record"                
               which will be labeled "Declared value if in excess of                  
               $100.00".  A declared value indicated by the Named                     
               Insured in the space provided shall evidence the                       
               existence and the amount of this insurance subject to                  
               limits of liability provided herein.  This insurance                   
               shall not apply unless a declared value is indicated by                
               the Named Insured in the space provided in * * *                       
               [petitioner's] "Pick-up Record".                                       
               Clause 6 of the Shippers Interest contract generally                   
          provided that NUF was not liable for the first $100 of the value            
          of the property, and in no event did NUF's liability exceed the             
          declared value for surface shipments and a maximum of $25,000 per           
          package for air shipments.  The cancellation provision of the               
          contract stated:                                                            
               This policy may be cancelled [sic] by the Named Insured                
               or * * * [petitioner] on behalf of the Named Insured by                
               mailing to the Company written notice stating when                     
               thereafter such cancellation shall be effective.  This                 
               Policy may be cancelled [sic] by the Company by mailing                
               to the Named Insured or * * * [petitioner] at the                      
               address shown in this Policy or last known address                     
               notice stating when not less than thirty (30) days                     
               thereafter such cancellation shall be effective.  * * *                
          Under this provision, petitioner had the power to cancel the                
          Shippers Interest contract.                                                 
               Clause 20 of the Shippers Interest contract addressed other            
          insurance and stated:                                                       
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