Marine Insurance Research Articles

Marine Insurance. Substitution. Construction of Contract. New Haven Steamboat Co. v. Providence Washington Ins. Co., 41 N. Y. Supp. 1042. Northam

Marine Insurance. Substitution. Construction of Contract. New Haven Steamboat Co. v. Providence Washington Ins. Co., 41 N. Y. Supp. 1042. Northam

Insurance. Conditions of Policy. Breach. Estoppel to Claim Forfeiture. Knowledge of Agent. Powers of Agents. Dick et al. v. Equitable Fire and Marine Insurance Co. et al., 65 N. W. Rep. 742 (Wis.)

Insurance. Conditions of Policy. Breach. Estoppel to Claim Forfeiture. Knowledge of Agent. Powers of Agents. Dick et al. v. Equitable Fire and Marine Insurance Co. et al., 65 N. W. Rep. 742 (Wis.)

An Investigation as to how far Life Assurance is of a Provident Nature, as benefiting the Assured and his Family; and how far it is of a merely Financial Character, as benefiting his Creditors and Assignees

In the first portion of the President's address this Session, we were favoured with a short account of the origin of life assurance, which showed that, in the earliest days of insurance, a policy was a contract of indemnity to secure a certain sum. in the event of the life assured dying within a specified time (usually a year) of the date of the assurance; that there was no right of renewal on the part of the assured; and that the object of the contract was originally to secure creditors against loss, the earliest life policies being effected in connection with marine insurance. The safety of a ship and its cargo depends largely on the skill of the captain, and would probably be endangered to a certain extent by his death, and it was therefore natural to provide against the risk of this by a contract to pay a certain sum in the event of his dying during the voyage in question, or within a specified time, say a year. In later times, when the right of renewal was granted to the assured, the contract appears to have radically altered in its object, and to have been entered into chiefly for the purpose of providing a fund for the maintenance, after the death of the life assured, of those who were dependent on him, and particularly to guard against their being left destitute by his premature death. In fact, at that time an assurance company was somewhat of the same nature as the “Friendly” or “Benefit” Societies of the present day.

Lecture IV. Conditions in Fire Policies

The law of fire insurance depends on the two fundamental principles, that a fire policy is a contract of indemnity, and that, in its usual form, it is a personal contract. In the present lecture I propose only to deal with the conditions in fire policies which express or modify these principles.The first principle, that fire insurance is a contract of indemnity, is founded on considerations of public policy, and is a rule of law which cannot be set aside by consent of parties. An insurance against loss by fire for a fixed sum, irrespective of the actual loss sustained by the insured, would not be valid or enforceable.Policies of marine insurance, which, like fire insurance, is a contract of indemnity, are sometimes made valued policies, but this does not mean that the policy will be sustained if it is proved that the value stated in the policy exceeds the actual value of the subject insured. The object of the valuation is to supersede the necessity of inquiry into the value of the vessel and cargo after they have been lost, but if it is proved that there has been a fraudulent over-valuation on the part of the insured, or an illegal agreement between the insurer and insured to effect an insurance without interest, the policy will not be sustained for the actual value, but will be treated as altogether void. A valued policy is therefore good for its amount or for nothing.

A Treatise on the Law of Insurance (Excepting Marine Insurance)

A Treatise on the Law of Insurance (Excepting Marine Insurance)

The Effect of a Recent Decision on the Law of Marine Insurance

The Effect of a Recent Decision on the Law of Marine Insurance

Supreme Court of Missouri. Baile et al. v. St. Joseph Fire and Marine Insurance Company

Supreme Court of Missouri. Baile et al. v. St. Joseph Fire and Marine Insurance Company

Supreme Court of the United States. Thomas Snell et al. v. The Atlantic Fire and Marine Insurance Company

Supreme Court of the United States. Thomas Snell et al. v. The Atlantic Fire and Marine Insurance Company

Court of Appeals of Kentucky. Von Bories et al. v. United Life, Fire, and Marine Insurance Company

Court of Appeals of Kentucky. Von Bories et al. v. United Life, Fire, and Marine Insurance Company

On the Limitation of Risks; being an Essay towards the Determination of the Maximum Amount of Risk to be retained by a Life Insurance Company on a Single Contingency

It is my object in the present paper to discuss the principles which should guide the actuary in fixing the maximum amount of risk to be retained by a Life Insurance Company upon a single contingency.Those principles are by no means limited to life insurance, but extend with suitable modifications to other kinds of insurance, as fire, marine, hailstorm, health, and accidental death insurance. They are also applicable to the risks of mercantile transactions, and in particular to the risks incurred by a bank in discounting its customers' bills. There can be little doubt that some recent failures of banks have been caused principally by the neglect of these principles; in other words, the manager has failed to put a proper limit on the risks undertaken, i.e., has trusted individuals to an imprudent extent, and the loss of heavy sums consequent on their failure has proved disastrous to the bank.

Supreme Court of Maine. Case of the Golden Rocket. Charles E. Dole et al. vs. Merchants' Mutual Marine Insurance Co.

Supreme Court of Maine. Case of the Golden Rocket. Charles E. Dole et al. vs. Merchants' Mutual Marine Insurance Co.

Supreme Court of Michigan. The Peoria Marine and Fire Insurance Co. vs. Reuben S. Hall

Supreme Court of Michigan. The Peoria Marine and Fire Insurance Co. vs. Reuben S. Hall

On the Principles of Marine Insurance

The subject of marine insurance is one which occupies, at the present time, a large amount of attention, both in the mercantile and the non-commercial world. The latter regard the formation of Companies for that object as a profitable means of investment; and the former on account of the necessity for their employment and encouragement. No prudent merchant or shipper would neglect the precaution of insuring his goods, at least against the risk of total loss, if not against the ordinary perils of the sea, which cause damage, for which the insurers render themselves liable by the charge of an additional premium.

In the Supreme Court of Massachusetts. January Term, 1862. at Boston. Ambrose Merrill vs. Boylston Fire and Marine Insurance Co.

In the Supreme Court of Massachusetts. January Term, 1862. at Boston. Ambrose Merrill vs. Boylston Fire and Marine Insurance Co.

In the Supreme Judicial Court of Massachusetts. Suffolk County, Law Term. January Term, 1860. Samuel H. Gookin vs. New England Mutual Marine Insurance Company

In the Supreme Judicial Court of Massachusetts. Suffolk County, Law Term. January Term, 1860. Samuel H. Gookin vs. New England Mutual Marine Insurance Company

Marine Insurance in Hamburg

Marine Insurance in Hamburg

An Inquiry into the Marine Insurance of Hamburg

When I began to direct my particular attention to the balance-sheets of the Hamburg Marine Insurance Societies, I hoped that a minute examination would lead to conclusions of general interest, and enable us to judge of the risks and state of navigation in general. I hoped that the collection of data and the comparison of the different balance-sheets would not offer great difficulties, and that my examinations might embrace a long period. My hopes have not been fulfilled. I perceived very soon that the work would be very troublesome, and that it would be difficult to form a complete collection of balance-sheets. There were none at the Public Commercial Library, and it was only by the aid of private friends that I at length succeeded in forming a complete collection of the balance-sheets since 1847. Thus I was obliged to limit my comparisons to the years 1847-53; and I think this is the principal reason why the law which governs the events cannot be deduced, and why no general conclusions can be drawn.

Germany: Lubeck—Summary of the Accounts for 1852 of the Marine Insurance Companies

An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.

Russia: St. Petersburg—Report, for the Year 1852, of the Nadejda St. Petersburg Commercial Company for Marine, River, and Land Insurance

Russia: St. Petersburg—Report, for the Year 1852, of the Nadejda St. Petersburg Commercial Company for Marine, River, and Land Insurance

Dundee Marine Insurance Company

An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.