Loomis v. Shaw
New York Supreme Court
This was an action on a policy of insurance on the profits of goods laden on board the ship Favorite, on a voyage from New York to Havre. The ship and goods were captured by a British cruiser, and carried into London, and libelled in the court of admiralty there.
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This was an action on a policy of insurance on the profits of goods laden on board the ship Favorite, on a voyage from New York to Havre. The ship and goods were captured by a British cruiser, and carried into London, and libelled in the court of admiralty there. Five-eighths of the goods were restored to the plaintiffs, and accepted by them, and appropriated to their own use ; and the remaining three-eighths were detained in court, but whether condemned or not did not appear. By the capture, the voyage to Havre was broken up, and none of the goods ever reached France. Under the policy on the…
1Opinion of the CourtBadcliff, J.
The plaintiffs are entitled to recover a partial loss only. Profits are necessarily incidental and subject to the final disposition of the goods on which they are expected to accrue. The plaintiffs in the present case have actually received five-eighths of the goods, and appropriated the proceeds to their own use. Whether they yielded any profit, or sold at a loss, does not appear; and it is not material, since the plaintiffs chose to accept them at London, and take the benefit of the market there. They are, therefore, at most, entitled to an average loss of three-eighths only.
*Let the report…
2Cases cited1 opinion
- Tom v. SmithNew York Supreme Court · 1805
3Cited by2 opinions
- Canada Sugar Refining Co. v. Insurance Co. of North AmericaSupreme Court of the United States · 1900
- Insurance Co. of North America v. Canada, Sugar-Refining Co.Court of Appeals for the Second Circuit · 1898