Gahn v. Broome
New York Supreme Court
This was an action on a policy of insurance upon the cargo of the American ship M’Gilva, Driscoll, master, at and from Baltimore to the Havana, warranted American property. It was an open policy, and subscribed by the defendant, for 7000 dollars, at a premium of 10 per cent. The plaintiffs declared for a total loss by the perils of the sea.
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This was an action on a policy of insurance upon the cargo of the American ship M’Gilva, Driscoll, master, at and from Baltimore to the Havana, warranted American property. It was an open policy, and subscribed by the defendant, for 7000 dollars, at a premium of 10 per cent. The plaintiffs declared for a total loss by the perils of the sea. On the trial before Mr. Justice Kent, at the last March circuit, in the city of New York, the policy was admitted, and • it was also admitted that the ship sailed on the voyage insured, laden with 11,214 bushels of salt, the property of the master,…
1Opinion of the Court
Lansing, Ch. J.
delivered the opinion of the court. The *145general rule is settled and admitted, that in an open policy, the invoice price is the value which, upon a total loss, the insured is entitled to recover.(a) The defendant contends, that on account of the drawback, this case ought to form an exception to the rule.
*The drawback is intended as a benefit to the mer- [*122] chant, on the exportation of certain goods, and not for the advantage of the assurer; and although it may enter into the estimate of the value of goods, with a view to exportation, it is no part of their actual price in the…
2Cited by2 opinions
- Le Roy v. United InsuranceNew York Supreme Court · 1811
- Sturm v. WilliamsThe Superior Court of New York City · 1874