Holmes v. United Insurance
New York Supreme Court
This was an action of assumpsit for a return of premium on a policy of insurance. • In December, 1796, Gouverneur and Kemble, as agents for the plaintiff, effected an insurance on the cargo of the ship George and Patty Washington, to the amount of 25,000 dollars, interest as may appear, at and from Calcutta to Baltimore; and the defendants accordingly underwrote the policy to the amount of $25,000 on the cargo generally, in the name of the agents.
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This was an action of assumpsit for a return of premium on a policy of insurance. • In December, 1796, Gouverneur and Kemble, as agents for the plaintiff, effected an insurance on the cargo of the ship George and Patty Washington, to the amount of 25,000 dollars, interest as may appear, at and from Calcutta to Baltimore; and the defendants accordingly underwrote the policy to the amount of $25,000 on the cargo generally, in the name of the agents. The premium was seven per cent, amounting to 1750 dollars and 25-cents, and was paid to the defendants on the 6th of August, 1797. The cargo of the…
1Opinion of the CourtKent, J.
There is no doubt but that if property be insured to a larger amount than the real value, the overplus premium is recoverable by the assured, because the insurer shall not receive the price of a risk which he has not run.(a)
On the other hand, if the risk has once commenced or existed, there shall not be any return of premium, as the consideration for it has then been given.(b) (Park, 367.) The recovery in the present case, therefore, depends on the solution of the question, whether the other persons interested in the cargo, could, in case of loss, have covered any part of their interest under…
2Cases cited2 opinions
- Green v. GravesMichigan Supreme Court · 1844
- Turner v. BurrowsNew York Supreme Court · 1830
3Cited by6 opinions
- Cumpston v. McNairNew York Supreme Court · 1828
- Post v. KimberlyCourt for the Trial of Impeachments and Correction of Errors · 1812
- Waller v. Northern Assurance Co.Supreme Court of Iowa · 1884
- Charleswell v. Chase Manhattan Bank, N.A.District Court, Virgin Islands · 2004
- Administrators of Suydam v. CombsSupreme Court of New Jersey · 1835
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