The law of fire and life insurance / by George Beaumont.

  • Beaumont, George Duckett Barber.
Date:
1833
Catalogue details

Licence: Public Domain Mark

Credit: The law of fire and life insurance / by George Beaumont. Source: Wellcome Collection.

Provider: This material has been provided by Royal College of Physicians, London. The original may be consulted at Royal College of Physicians, London.

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    come safe to the port of delivery, or if they do not, that the insurer will indemnify the owner to the amount of the value of the goods stated in the policy. The adjustment can never depend on future events or speculations. How long is he to wait? a week, a month, a year? The defendant did not insure that there should be no rise in the market” (/). However, in valuing farming stock, there can be no invoice price ; the price of the market must therefore here be taken in making the estimate. Deductions will, of course, be made from the market value in respect of expenses of carriage, and the like, not incurred when goods are burned on a farm. When a bale of goods, or any quantity of goods on which a separate price is fixed in the invoice, is partially destroyed, the rule is, to take the proportion between what that quantity would sell at if sound, and what it sells at in its damaged state: then the invoice price is diminished in this proportion, and the remainder is the amount to be paid by the insurers. By this means an exact value is obtained, which would not be had if the selling price were taken, as the damaged part might, when market prices are high, exceed the cost price of the whole, and so the insurers have the benefit of the rise and pay nothing; or the price of the markets might be so low that goods in a sound state would only fetch the price {f) Levois V. Ruckeri 2 Burr. 1167.