Insurance Co. v. Insurance Co.
Ohio Supreme Court
Ebror to the District Court of Cuyahoga County. The petition alleged, that on the 10th of May, 1871, the plaintiff, the Commercial Mutual Insurance Company, issued its policy of insurance, causing $20,000 to be insured upon the body, tackle, apparel, and other furniture, of the schooner called the “John Burt,” from noon of: May 6, 1871, to noon of December 5, 1871; that on the same day, the defendant, the Detroit Fire and Marine Insurance Company, on account of the…
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Ebror to the District Court of Cuyahoga County. The petition alleged, that on the 10th of May, 1871, the plaintiff, the Commercial Mutual Insurance Company, issued its policy of insurance, causing $20,000 to be insured upon the body, tackle, apparel, and other furniture, of the schooner called the “John Burt,” from noon of: May 6, 1871, to noon of December 5, 1871; that on the same day, the defendant, the Detroit Fire and Marine Insurance Company, on account of the Commercial Mutual Insurance Company — loss, if any, payable to them — made re-insurance, and caused $5,000 to be insured upon…
1Opinion of the CourtLongworth, J.
The original insurer became liable to the owner of the vessel for a total loss, but actually paid him only $12,000, being sixty per cent, of the amount of the policy, in full discharge of its liability. The whole amount of re-insurance was $5,000. Shall the re-insured company recover the full, amount of its policy, or only a pro rata part of the latter sum, at the rate of sixty cents on the dollar ?
The contract of insurance has always been regarded as one of indemnity; the object ■ being to protect the insured from any. and all damage occasioned by the happening of the loss insured against,…
2Cases cited7 opinions
- Consolidated Real Estate & Fire Insurance v. CashowCourt of Appeals of Maryland · 1874
- Eagle Insurance v. Lafayette InsuranceIndiana Supreme Court · 1857
- Blackstone v. . Alemannia Fire Ins. Co.New York Court of Appeals · 1874
- New-York Life Insurance & Trust Co. v. MilnorNew York Court of Chancery · 1846
- Merry v. PrinceMassachusetts Supreme Judicial Court · 1806
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