Smith v. Columbia Insurance
Supreme Court of Pennsylvania
Certieioate from the Nisi Prius. The plaintiff declared in covenant on a policy of insurance against fire, averring that at the time of effecting the insurance, and at the time of the loss “ he was interested in the said insured frame buildings, machinery and tools of the satinett factory, known as Watson’s factory, and owned by Samuel Watson.” At the trial he gave in evidence the order for insurance.
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Certieioate from the Nisi Prius. The plaintiff declared in covenant on a policy of insurance against fire, averring that at the time of effecting the insurance, and at the time of the loss “ he was interested in the said insured frame buildings, machinery and tools of the satinett factory, known as Watson’s factory, and owned by Samuel Watson.” At the trial he gave in evidence the order for insurance. “ Make insurance against loss or damage by fire for four thousand-dollars, on the under mentioned property, for the term of one year, on the frame buildings and lot, machinery and tools of the…
1Opinion of the CourtGrlBSON, J.
The interest of a mortgagee is a special but an insurable one, and it may at his option be insured generally or specially: generally, when he says nothing about his mortgage, and insures as the entire owner-; and specially, when the nature of his interest is specified in a memorandum. By the first he pays a premium proportional to the risk of the absolute ownership; by the second, a premium proportional to the risk of a less and derivative ownership. In the one case and in the other the subject of the insurance is apparently the corpus of the thing insured, but actually the interest of the…
2Cited by5 opinions
- Btesh v. Royal Ins. Co., Limited, of LiverpoolCourt of Appeals for the Second Circuit · 1931
- Hare & Chase, Inc. v. National Surety Co.District Court, S.D. New York · 1931
- Assigned Estate of ZehringSuperior Court of Pennsylvania · 1897
- Universal Indemnity Ins. v. North Shore Delivery Co.Court of Appeals for the Seventh Circuit · 1938
- Freystown Mutual Fire Insurance v. Whited, Pennsylvania Court of Common Pleas, Adams County1941