Howard v. Albany Insurance
New York Supreme Court
Declaration on a policy of insurance against fire. The first count was on a policy dated December 1, 1834, by which the defendants insured the plaintiffs for one year against loss or damage -by fire to the amount of $13,000, as follows; $8000 on their brewery in the city of Albany; and $5000 on the stock and utensils therein.
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Declaration on a policy of insurance against fire. The first count was on a policy dated December 1, 1834, by which the defendants insured the plaintiffs for one year against loss or damage -by fire to the amount of $13,000, as follows; $8000 on their brewery in the city of Albany; and $5000 on the stock and utensils therein. There were several renewals of the policy the last of which was on the first day of February, 1842, for one year, and for the sum of $10,000. Averment, that at the time of making the policy and the renewal thereof, and from thence until the loss, the plaintiffs had an…
1Opinion of the Court
Bronson, Ch. J.
When the assured has no interest at the time the contract is made, the policy is a mere wager, in which one party stakes the sum insured, and the other the j premium paid, upon the happening or not happening of a particular event. Whether such a contract would be good at the common law, we need not inquire; for it would .clearly be void within our statute against gaming. (1 R. S. ,662, §§ 8 to 10; 3 Kent, 277, 8.) Bu,t when the assured owns the property at the time the insurance is effected, a subsequent transfer of his interest cannot render the policy void. The contract will…
2Cases cited1 opinion
- Stetson v. Massachusetts Mutual Fire InsuranceMassachusetts Supreme Judicial Court · 1808
3Cited by32 opinions
- Hoffman v. Ætna Fire InsuranceNew York Court of Appeals · 1865
- Ruse v. . the Mutual Benefit Life Insurance CompanyNew York Court of Appeals · 1861
- Ayres v. Hartford Fire InsuranceSupreme Court of Iowa · 1864
- Hardwick v. State InsuranceOregon Supreme Court · 1891
- Shearman v. . the Niagara Fire Ins. Co.New York Court of Appeals · 1871
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