Snell v. Delaware Insurance
United States Circuit Court
Covenant, on an open policy for $2500, at a premium of ten per cent., upon the brig Hound, on a voyage from Jamaica to New York.- The facts were these : the brig and cargo, belonging to the plaintiffs, sailed on a voyage from New York to Curajoa, and back again ; but, upon the return voyage, she was captured by a British cruiser, and carried into Jamaica, where vessel and cargo wore libelled and condemned, on the 31st of July 1804, for a breach of blockade.
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Covenant, on an open policy for $2500, at a premium of ten per cent., upon the brig Hound, on a voyage from Jamaica to New York.- The facts were these : the brig and cargo, belonging to the plaintiffs, sailed on a voyage from New York to Curajoa, and back again ; but, upon the return voyage, she was captured by a British cruiser, and carried into Jamaica, where vessel and cargo wore libelled and condemned, on the 31st of July 1804, for a breach of blockade. The master, conceiving that the vessel would be sold, under her value, requested MessrsfCampbell & O’Hara, of Kingston, to buy her in for…
1Opinion of the Court
The Court were clearly of opinion, that the plaintiffs were entitled to prove and to recover the actual value of the vessel, at the time she was insured. They said, a contrary rule would operate as injuriously to the underwriters, as to the merchant. For, if the merchant could not insure a ship or goods, bought at a depreciated ‘•'price, under a forced sale, at their real value ; neither would the underwriter, in a case of *- loss, be entitled to show, upon an open policy, the actual value of the property, independent of a fortuitous enhancement of the price in -a foreign market. (b)
The jury…
2Cited by1 opinion
- Humphries v. Blight's AssigneesSupreme Court of the United States · 1803