Watson v. Insurance Co. of North America
U.S. Circuit Court for the District of Pennsylvania
The only question reserved by the jury for the opinion of the court, was, whether the amount of a bottomry bond, executed by the captain, without the knowledge of the plaintiff, beyond sea, a few days before this policy was made, is to be deducted from the 12,000 dollars, the agreed value in the policy, or from the 15,000 dollars, the real value found by the jury? [For prior proceedings, see Cases Nos. 17,284 and 17,285.]
1Opinion of the Court
WASHINGTON, Circuit Justice.
The object of the insured, as well as of the under*434writer, is indemnity against loss to the value of the interest of the former in the subject insured. The value of this interest may be agreed by the parties, or if not so, the insured must prove it. This agreement is in general conclusive between-the parties to the policy, not of the value of the property at risk, but of the interest which that valuation is sufficient to cover; for the owner may insure different portions of his entire interest with different sets of underwriters, and may after all leave a residuum,…
2Cited by4 opinions
- Force v. Providence Washington Ins.District Court, S.D. New York · 1888
- Insurance Co. of North America v. Canada, Sugar-Refining Co.Court of Appeals for the Second Circuit · 1898
- O'Brien v. MillerCourt of Appeals for the Second Circuit · 1895
- In re ApgarNew Jersey Court of Chancery · 1883