A System of the Law of Marine Insurances (1817)
by James Allan Park (9780217807517)

A System of the Law of Marine Insurances (1817)
James Allan Park
Release Date: 10 December 0140
Format: Paperback
Pages: 306
Category: Administrative Law & Regulatory Practice
ISBN: 9780217807517
ISBN-10: 0217807518

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: A SYSTEM OF THE MARINE INSURANCES, 'CHAPTER I. Of the Policy. OLICY is the name given to the instrument, by which the contract of indemnity is effected between the insurer and insured; and it is not, like most contracts, signed by both parties, but only by the insurer, who on that account, it is supposed, is denominated an underwriter. Notwithstanding this, there are certain conditions, of which we shall hereafter have occasion to speak, to be performed as well by the person not subscribing, as by the underwriter, otherwise the policy will be void. Of policies there seem to be two kinds, valued Burr. and open policies: and the only difference between them is x"7' this, that in the former, goods or property insured are valued at prune cost, at the time of effecting the policy; in the latter, the value is not mentioned: that in case of an open policy, the real value must be proved; in a valued policy it is agreed, and is just as if the parties had admitted it at the trial. Although policies of insurance are not to be ranked with Skinn. 54. specialty contracts, not being under seal, yet they have always been held as sacred agreements, and of the first credit: . so Vol. i. B much much so, that when once tlicy are underwritten, they cannot be altered by either party; because it would open a door to an infinite variety of frauds, and introduce uncertainty into a species of contract, of which certainty and precision are the most essential requisites. In a case before Lord Chancellor Hardwicke, this doctrine ExclvA'r was admitted in its full extent. The plaintiff had insured it Company, sliip at and from London to Ostend, from thence to Rotterdam, 5 from thence to the Canaries, warranted an Ostend ship, which ship was afterwards taken. The bill was brought to ha...

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