Insurance Co. v. Folsom
Supreme Court of the United States
Error to the Circuit Court for the Southern District of New York; the case being thus : On the 6th of January, 1869, the schooner B. F. Folsom {John Orlando, master), and owned by a person whose name she bore, Mr. B. F. Folsom, resident in Philadelphia, together with Orlando, the captain and husband, sailed from jBoston for Montevideo and Buenos Ayres. "When out six days ¿he sprung a leak, and in a few days afterwards became •wholly disabled.
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Error to the Circuit Court for the Southern District of New York; the case being thus : On the 6th of January, 1869, the schooner B. F. Folsom {John Orlando, master), and owned by a person whose name she bore, Mr. B. F. Folsom, resident in Philadelphia, together with Orlando, the captain and husband, sailed from jBoston for Montevideo and Buenos Ayres. "When out six days ¿he sprung a leak, and in a few days afterwards became •wholly disabled. Another vessel, bound for Bremen, passing along, took off all aboard and carried them to Bremerhaven, an outer port of Bremen, where, on the 18th of…
1Opinion of the CourtJustice Clifford
delivered the opinion.of the court.
Underwriters in a policy of marine insurance .undertake, in consideration of a certain premium, to indemnify the party insured against loss arising from certain perils of the sea, or sea risks to which the ship, merchandise, or freight of the insured may be exposed during a particular voyage or for a specified period of time. Long experience shows that such a system is essential to commerce, as it tends to promote the spirit of maritime adventure by diminishing the risk of ruinous loss to which those who engage in it would otherwise be exposed. Losses of the…
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