Griswold v. Union Mut. Ins.
U.S. Circuit Court for the District of Southern New York
This was an action of assumpsit upon a policy of insurance effected, in February, 1848, by the plaintiffs [Nathaniel L. Griswold and others] with the defendants [The Union Mutual Insurance Company of Philadelphia], who were a Pennsylvania corporation. The policy was executed at Philadelphia. The insurance was for $5,000, upon freight on board the ship Helena, on a voyage from New York to Canton, and back to the United States, with liberty to use any northern port in China.
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This was an action of assumpsit upon a policy of insurance effected, in February, 1848, by the plaintiffs [Nathaniel L. Griswold and others] with the defendants [The Union Mutual Insurance Company of Philadelphia], who were a Pennsylvania corporation. The policy was executed at Philadelphia. The insurance was for $5,000, upon freight on board the ship Helena, on a voyage from New York to Canton, and back to the United States, with liberty to use any northern port in China. Among the perils insured against were jettisons. The defendants pleaded the general issue and payment. The action was…
1Opinion of the Court
BETTS, District Judge.
The merits of this case depend upon the question, whether the recompense demanded by the plaintiffs for the loss of freight is to be determined by the adjustment stated on the termination of the voyage, or by the valuation fixed in the policy. The general rule of commercial law is, *70that, as between insurers and insured, a valued policy is to be taken as setting tbe true value of the subject insured, unless the valuation is shown to be fraudulently or enormously excessive. This doctrine is laid down by text writers of the highest authority, and is sanctioned by adjudged…
2Cases cited5 opinions
- Maggrath v. ChurchNew York Supreme Court · 1803
- Clark v. United Fire & Marine InsuranceMassachusetts Supreme Judicial Court · 1811
- Vandenheuvel v. United InsuranceNew York Supreme Court · 1806
- Lapsley v. PleasantsSupreme Court of Pennsylvania · 1812
- De Longuemere v. Phœnix InsuranceNew York Supreme Court · 1813
3Cited by5 opinions
- International Nav. Co. v. Atlantic Mut. Ins.District Court, S.D. New York · 1900
- Neufelder v. German American InsuranceWashington Supreme Court · 1893
- Bowring v. Providence Washington Ins. Co.District Court, S.D. New York · 1891
- Lockwood v. Sangamo InsuranceSupreme Court of Missouri · 1870
- New York & Cuba Mail S. S. Co. v. Royal Exchange AssuranceDistrict Court, S.D. New York · 1906