Manufacturers' Fire & Marine Insurance v. Western Assurance Co.
Massachusetts Supreme Judicial Court
Contract upon a policy of reinsurance. The case was submitted to the Superior Court, and, after, judgment for the plaintiff, to this court, on appeal, on agreed facts in substance as follows: On October 27, 1884, the plaintiff issued a policy of insurance, numbered 264,895, on certain property of the Indianapolis Cotton Manufacturing Company, against loss by fire, for the term of one year from the date of the policy, “ loss, if any, payable to George B. Yandes, trustee for…
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Contract upon a policy of reinsurance. The case was submitted to the Superior Court, and, after, judgment for the plaintiff, to this court, on appeal, on agreed facts in substance as follows: On October 27, 1884, the plaintiff issued a policy of insurance, numbered 264,895, on certain property of the Indianapolis Cotton Manufacturing Company, against loss by fire, for the term of one year from the date of the policy, “ loss, if any, payable to George B. Yandes, trustee for mortgage bondholders, as his interest may appear.” By the terms of the policy it was to become void, “ if, without the…
1Opinion of the CourtKnowlton, J.
The contract entered into by the defendant with the plaintiff differed materially from an ordinary contract to insure a general owner against damage to his property by fire. While in a sense it was an insurance upon property, it was strictly a contract of indemnity against risk under another contract which had been entered into by the assured. The assured was not the owner of the property at risk, and had no relation to it except as insurer under the original policy. In that relation it had an insurable interest in it, and could enter into any proper contract for the protection of that…
2Cases cited3 opinions
- Eastern Railroad v. Relief Firf InsuranceMassachusetts Supreme Judicial Court · 1868
- Consolidated Real Estate & Fire Insurance v. CashowCourt of Appeals of Maryland · 1874
- Jackson v. . St. Paul Fire and Marine Ins. Co.New York Court of Appeals · 1885
3Cited by7 opinions
- Faneuil Hall Insurance v. Liverpool & London & Globe InsuranceMassachusetts Supreme Judicial Court · 1891
- Noyes v. GagnonMassachusetts Supreme Judicial Court · 1917
- Fireman's Fund Insurance v. Aachen & Munich Fire InsuranceCalifornia Court of Appeal · 1906
- Royal Ins. Co. v. Vanderbilt Ins. Co.Tennessee Supreme Court · 1899
- Royal Insurance v. Caledonian InsuranceCalifornia Court of Appeal · 1912
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