Tom v. Smith
New York Supreme Court
ASSUMPSIT upon a policy of insurance on the profits of the cargo of the Mary, from Batavia to New-York, valued at six thousand dollars. In the prosecution of the voyage insured, the vessel experienced such violent weather, as to be under the necessity of bearing away for Saint Christopher’s, where, after a regular survey under a warrant from the admiralty, she was found to be irreparable, so as to carry on her lading, except at an expence of more than half her value.
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ASSUMPSIT upon a policy of insurance on the profits of the cargo of the Mary, from Batavia to New-York, valued at six thousand dollars. In the prosecution of the voyage insured, the vessel experienced such violent weather, as to be under the necessity of bearing away for Saint Christopher’s, where, after a regular survey under a warrant from the admiralty, she was found to be irreparable, so as to carry on her lading, except at an expence of more than half her value. In consequence of this, as the revenue laws of the island forbade shipping the cargo in any other bottom,- it was sold at much…
1Opinion of the Court
Per Curiam, delivered by
LIVINGSTON-, j.
It is -hot made a question, whether profits are an insurable interest. Whatever objections lie to, the practice, we 'hávc heretofore considered them as such', and the counsel of both parties have reasoned on that supposition. In 'France nothing but ship and cargó are regarded as proper subjects of insurance. In England and ill this country, it is not' unusual to' insure profits, eo nominé, arid •yet no decisions are to be found on the construction or effect of such policies. We are at liberty then to' adopt Such rules, not inconsistent with the written…
2Cited by4 opinions
- Canada Sugar-Refining Co. v. Insurance Co. of North AmericaDistrict Court, S.D. New York · 1897
- Loomis v. ShawNew York Supreme Court · 1800
- United Insurance v. LenoxNew York Supreme Court · 1801
- Bohlen v. Delaware InsuranceSupreme Court of Pennsylvania · 1812