Insurance Co. v. Butler
Ohio Supreme Court
Error to the District Court of Holmes County. The original action was brought by Joseph R. Butler against the Farmers’ Insurance Company, in the court of common pleas of Holmes county, on a policy of insurance, wherein it was stipulated, among other things, as follows: “ The Farmers’ Insurance Company, by this policy of insurance, and in consideration of a cash premium of $12 received of J. .R.
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Error to the District Court of Holmes County. The original action was brought by Joseph R. Butler against the Farmers’ Insurance Company, in the court of common pleas of Holmes county, on a policy of insurance, wherein it was stipulated, among other things, as follows: “ The Farmers’ Insurance Company, by this policy of insurance, and in consideration of a cash premium of $12 received of J. .R. Butler, do hereby insure unto the said J. R. Butler the sum of $1,200, on the following property, situated in Ehllbuck township, Holmes county, Ohio, and more particularly described in application and…
1Opinion of the CourtMcIlvaine, J.
Whether the policy of insurance in this suit is valued or open, is the sole question in this case.
A policy of insurance is essentially a contract for indemnity in case of loss. Wager policies are contrary to public policy. The insured must have an interest in the subject of the insurance — an interest in its preservation. In case of loss, his contract rightfully entitles him to compensation — nothing more. The reason upon which this principle rests, is the prevention of fraud and crime, by removing all inducement and *134temptation to commit them, which would naturally arise from the great…
2Cases cited1 opinion
- Phœnix Insurance v. McLoonMassachusetts Supreme Judicial Court · 1868