It leads to closer scrutiny of actual losses, and helps the insurer to more carefully measure his interest, since he already has an investment in the business.
A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else.
Thirdly, if it has been a trading voyage, perhaps the adventurer has paid three or four such premiums, which sometimes make the insurer clear more by a voyage than the merchant.
A ship had received her death-wound, but by pumping was kept afloat till three days after the time she was insured for: it was determined that the risk was at an end before the loss happened, and that the insurer was not liable.
But robbery violently committed by persons not belonging to the ship, is a peril for which the insurer is answerable.
If the ship or cargo, however, be lost by default of the person insured, the insurer shall not be accountable.
For this agreement the ship-owner pays a sum in advance, called the premium, which falls to the insurer in case the ship arrives safe in a specified harbour.
Whether the capture be lawful or unlawful, the insurer is rendered liable to the loss.
Next, the insurer would certainly want to know why the police were not informed at once.
First, it isn't a risk any insurer would take, in the circumstances.
But there is a further degree of responsibility by the custom of the realm, that is, by the common law; a carrier is in the nature of an insurer .
That is to say, he has become an insurer to that extent, not only against the disappearance or destruction, but against all forms of damage to the goods except as excepted above.
This bases the claim against the insurerupon a fiction, for there has been no loss of [v.
The liability of the insurer was thus made to depend, not upon the character of the loss, but upon the fact or possibility of contribution.
The view seems to have been that the insurer is liable for salvage and G.
And it suggests that the insurer is not liable for salvage where the policy is free of particular average, which does not accord with practice.
I do not think that the Government should be held as an insurer against injuries of this kind, which are in no manner related to the performance of military service.
I think the adoption of the principle that the Government is an insurer against accidents under any circumstances befalling those enlisted in its military service when visiting at home is an unwarrantable stretch of pension legislation.
This rejection was clearly right, unless the Government is to be held as an insurer against every fatal casualty incurred by those who have served in the Army, without regard to the manner of its occurrence.
I am unable to discover why a pension should be granted in this case, unless the Government is to be held as an insurer of the safety of every person in the military service in all circumstances and at all times and places.
Neither the insurer nor the insured knows what favorable winds may waft the ship prosperously on her voyage, nor what tempestuous seas may threaten her with destruction.
The principle which in these cases determines the insurer whether to insure, and if so at what premium, is a principle upon which the pursuit of happiness very often requires us to act.
Nor is he liable by the common law as an insurer against all damage done by them when they escape from his land.
Unless this right is reserved in the contract, or given by statute, the insurer cannot cancel the contract without the consent of the insured.
In some states the statutes provide that in case of total loss the insurer shall be liable for the full amount of insurance, and shall not be allowed to show that the property was of less value than the amount insured.
This rule does not prevent him from seeking relief when the agent of the insurer has been negligent.
For a total loss the insureris liable for the entire value of the property to the limit covered by the insurance.
His conduct in concealing facts that ought to have been made known to the insurer may have that effect.
Nor is he an insurer of the safety of the goods entrusted to him for sale; he must however use ordinary and reasonable care in keeping them.
Indeed, how could it be valid if the insurer is dead?
Thus to conceal a fact of which the insured had knowledge, and which, if known by the insurer the risk probably would not have been taken, is a fraud rightly available to the insurer.
An insurance policy may be assigned, though it usually contains a clause that the consent of the insurer is needful.
The contract of life insurance is a mutual agreement whereby the insurer agrees on the payment of a fixed sum or premium to pay to a person designated in the policy on the happening of a contingency, usually death, a sum of money.
Indeed, any fraud of the insured in procuring the policy has the effect of voiding it if the insurer chooses to do so.
He is not an insurer of their safety, nor need he exercise extraordinary care in guarding them from harm, unless there was unusual danger.
A fire policy is generally written in such a way that the liability of the insurer depends on the amount of the loss to be determined after the loss has occurred.
But he is not an insurer of the property; and therefore is not liable for loss by fire unless he has been negligent.
The yachting clauses described above are inserted on the usual Marine policy form, and the yacht insurer cannot do better than have the clauses as given in this chapter inserted in any policy form he may accept.
This clause enables the insurer to claim for the fourth quarter over and above the three quarters for which the underwriters are liable under the Collision Clause.
To enable the insurerto claim on a partial loss to the full amount of that loss the Twenty-pound Clause is added, and for this in all policies over the value of 700l.
In case of insuring property, the insurer is not permitted to recover in excess of the value of the property, regardless of the amount of insurance he carries.
Is a common carrier permitted to limit his common law liability as an insurer of the goods by special contract?
Is the exceptional liability of an insurer a matter of express or implied contract?
If a loss of goods occurs by means of public enemy, a carrier is not liable as an insurer of the goods.
An insurance contract is peculiar in that it binds the insurer to pay damages for losses or injuries arising out of uncertain perils or hazards.
If the goods are retained by the guest, and remain in his possession and control, the innkeeper is not liable as an insurer for their protection, but is obliged to exercise only ordinary care.
What are the exceptions to the liability of a common carrier as an insurer of the goods intrusted to his care?
These constitute sufficient evidence of the formation of a contract between insurer and insured, to enable the latter to enforce his contract in case of loss.
A common carrier is liable as an insurerof the goods entrusted to his care.
If an insurer takes out a policy of insurance upon property already insured, he must not conceal this fact from the subsequent insurer.
By reason of the opportunity given a common carrier fraudulently to deprive a shipper of his goods, the law at an early time placed the exceptional liability of an insurerupon a common carrier.
A common carrier of goods is not absolutely liable as an insurer of the goods entrusted to his care.
Anyone may engage in the business of a private carrier, and so long as he does not hold himself out as a common carrier, he cannot be compelled to accept for carriage goods against his will, neither is he liable as an insurer of the goods.
The contract being duly drawn up, the insurer may pay his recurring premiums at any of the Offices which have been opened, or which may be opened, as shall at any time be most convenient to him.
The proof of age, however, and other particulars which the insurer furnished in the first instance, will doubtless suffice for all subsequent negotiations.
The insurer must fill up this form, and must further produce certificates of age or baptism, and furnish the names and addresses of two householders who know him and can speak as to his identity.
We are not informed in Plain Rules whether the insurer will in each case have to pass a medical examination, or produce certificates of health; but there can scarcely be a doubt that he will be required to do one or the other.
This is a class of insurance by which an insurer may receive the amount of a policy himself during his life, at an age to be fixed at the time the insurance is effected.
Of course, the intelligent insurer would prefer an office whose system would best suit his own requirements.
Also societies which take the place of sureties and guarantee an insurer against loss or default by anyone in his employ; and companies which undertake to make good any loss arising from burglary or larceny.
It is argued that the insurer must assume such risks and that the insured intends to cover such unknown conditions.
In case of fraud, at least after judicial decision, the insured would have no right to the premiums and must also recompense the insurer for expenses sustained.
They argue that the insurer avoids all risks and makes increasing profits annually whenever insurance is on such a large scale that the use of statistical tables favors the insurer.
On the part of the insurer is required the ability to pay indemnities occurring at the normal rate, but not to cover all at once.
This involves especially that the matter of the contract is in some way outside the control of both insured and insurer and beyond their power, both legal and moral, to govern beforehand.
In such cases, the innocent insured has no right to the indemnity owing to the invalidity of the contract; he has, however, a natural right to all premiums paid out, since no contract is involved and the insurer has no claim to them.
Where the insured has an interest in such life or event, no greater sum shall be received from the insurer than the amount of the interest of the insured in such life or event.
The latter regard the insured owner as self-insurer for the entire value at risk not covered by the policy, and grant indemnity only for that fraction of the loss which the amount insured bears to the whole amount exposed.
A contract of marine insurance is a contract of indemnity whereby the insurer undertakes to indemnify the insured, in the manner and to the extent agreed, against marine losses, i.
Exact foresight of this rate being impossible, the insurer must assume a rate which can with certainty be realized.
To avoid this danger careful medical examinations are required, excluding risks which appear to be impaired; and this selection by the insurer uniformly reduces the mortality below the general average during the earliest years of insurance.
The actual result is commonly to throw upon the insurer the responsibility for providing in advance against over-insurance by minute surveys and, in special cases, for continual watchfulness against depreciation.
Contracts of life insurance entered into between an insurer and a person who subsequently became an enemy shall not be deemed to have been dissolved by the outbreak of war, or by the fact of the person becoming an enemy.
Furthermore, the insured shall, subject to the concurrence of the original insurer, be entitled to retransfer the contract to the original insurer as from the date of the demand.
The relationship between the insured and the insurer is governed, to a very large extent, by the law of agency.
A carrier, however, while goods are in course of transportation is liable, at common law, as an insurer against all kinds of accidents except those caused by act of God or public enemies.
The General Plan of the Association is of the same order of the many existing Co-operative Benevolent Societies in which an insurer pays an "Admission Premium" to the agent of the Association.
A carrier is no longer an insurer for the safe carrying of goods.
In other words, the railway is not an insurer of life, as it is of goods or other merchandise.
I had grand ideas of the wealth and importance of Insurers of Ships in the City, and I began to think with awe of having laid a young Insurer on his back, blackened his enterprising eye, and cut his responsible head open.
If I arrive safely at the port, I shall dispose of my commodities with uncommon advantage; if I miscarry, the insurer will at least suffer with me, and be deservedly punished for his suspicions and extortion.
