Herckenrath v. American Mutual Insurance
New York Court of Chancery
This was an application, by The American Mutual Insurance Company, to dissolve an injunction restraining that company from receiving, and The Mutual Safety Insurance Company from paying, the amount due from the last mentioned company upon a policy of reassurance. The motion was made upon the matter of the bill only.
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This was an application, by The American Mutual Insurance Company, to dissolve an injunction restraining that company from receiving, and The Mutual Safety Insurance Company from paying, the amount due from the last mentioned company upon a policy of reassurance. The motion was made upon the matter of the bill only. The American Mutual Insurance Company insured the complainants, $22,000, upon merchandize and other property in a store in Broad-street in New-York, and afterwards caused itself to be reinsured to the amount of $10,000, by The Mutual Safety Insurance Company, upon the same risk.…
1Opinion of the Court
The Chancellor..
The question presented in this case is one of considerable importance. But as the contract of reassurance was virtually prohibited in England more than one hundred years since, and before the principles of the law of insurance had been well settled there, nothing is found in the English reports upon this point. And, so far as I have been able to discover, the question has not heretofore arisen before any of the courts of this country for decision. The validity of the contract of reassurance was early acknowledged among the maritime nations of Europe; being found in the Guidon.…
2Cases cited1 opinion
- New York Bowery Fire Insurance v. New York Fire InsuranceNew York Supreme Court · 1837
3Cited by16 opinions
- Melco System v. Receivers of Trans-America Ins. Co.Supreme Court of Alabama · 1958
- Johannes v. Phenix Insurance Co. of BrooklynWisconsin Supreme Court · 1886
- Pink v. American Surety Co.New York Court of Appeals · 1940
- Greenman v. General Reinsurance Corp.Appellate Division of the Supreme Court of the State of New York · 1933
- Insurance of Pennsylvania v. Park & Pollard Co.Appellate Division of the Supreme Court of the State of New York · 1920
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