Carson v. Marine Ins.
U.S. Circuit Court for the District of Pennsylvania
This was an agreed caso, in which the only question submitted to the court was. whether. in case of a total loss of goods insured in an open policy, the invoice price, agreeing with tlie first cost, shall be taken as fixing the value, or, the current market price of similar goods at the time and place of shipping them; the latter being about 20 por cent, lower than the former. Cliauncey. for plaintiffs, relied upon the following cases: 2 Marsh.
Read the full summary
This was an agreed caso, in which the only question submitted to the court was. whether. in case of a total loss of goods insured in an open policy, the invoice price, agreeing with tlie first cost, shall be taken as fixing the value, or, the current market price of similar goods at the time and place of shipping them; the latter being about 20 por cent, lower than the former. Cliauncey. for plaintiffs, relied upon the following cases: 2 Marsh. G20; Parker. 104, 40G; 3 Caines, 43, 47; 1 Johns. Cas. 120. Binney and Hopkinson [for defendants] relied on the case of Snell v. Delaware Ins. Co.…
1Opinion of the Court
WASHINGTON, Circuit Justice.
It being admitted that there is no direct authority or custom in relation to a case precisely like the present it must be decided upon an attentive consideration of the nature of the contract of insurance. What is it? An agreement by the insurer, in consideration of a certain reward, to stand in the shoes of the insured, and to indemnify him for any loss which may happen to the thing insured, from certain perils enumerated in the policy. This is effected by paying him. in money, the value of the property at risk, with the expenses incurred in putting it on board,…
2Cited by2 opinions
- Insurance Co. of North America v. WilleyMassachusetts Supreme Judicial Court · 1912
- Warren v. Franklin InsuranceMassachusetts Supreme Judicial Court · 1870