Dow v. Hope Insurance
The Superior Court of New York City
This was an action of assumpsit, on a policy of insurance upon three cases of merchandise, containing, principally, artificial flowers, silk goods and muslins, “ at and from New-York to Ba- “ tavia, and other ports in the island of Java, and at and from “ thence back to New-York.”
Read the full summary
This was an action of assumpsit, on a policy of insurance upon three cases of merchandise, containing, principally, artificial flowers, silk goods and muslins, “ at and from New-York to Ba- “ tavia, and other ports in the island of Java, and at and from “ thence back to New-York.” The insurance was “ upon goods “ as permargin out, and upon the proceeds thereof home ; the goods “ valued at the sum insured out; the policy to be open on the “ proceeds home at 3 1-2 per cent.—to return 1-2 per cent, should “ Batavia only be used, and the risk end without loss.” The sum underwritten was $4000. The…
1Opinion of the Court
Jones, C. J.,
after stating the facts of the case.
The question in this case is, whether the policy attached upon the goods for the return voyage or not: and the solution of that question turns upon the construction to be given to the term “ proceeds.” The grammatical sense of the term is the substituted cargo, or property, whatever it may be, which results from, or is acquired by means, of the specified goods. It imports a sale, barter, or other disposition of the outward cargo, or some operation therewith, by which, or by the future investment of the moneys or funds derived therefrom, other…
2Cases cited2 opinions
- Haven v. GrayMassachusetts Supreme Judicial Court · 1815
- Whitney v. American InsuranceNew York Supreme Court · 1824
3Cited by5 opinions
- Miller v. Insurance Co.West Virginia Supreme Court · 1877
- Sawyer v. Dodge County Mutual InsuranceWisconsin Supreme Court · 1875
- Driggs v. Albany InsuranceNew York Supreme Court · 1851
- Belmont v. PonvertThe Superior Court of New York City · 1873
- Spitzer v. St. Mark's InsuranceThe Superior Court of New York City · 1856