The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-04-27
PRICE TWO CENTS


Farmers Loan trust Company, Selden's Re
ports 299.
This last case was peculiar. 1t was decided by
the Court of Appeals of New York, that in life
policy insurance. provision ''thdt It should be poid
if the assured should die By his o,cn hand" had refer
ence to an act of criminal sefdestruction and not
to one committed "while the party was insane +"
By these rules let this. policy be construed. And
can it be successfully contended for one moment
that when the assured procured this policy, he had
no intention OF covering any of his coffee that
might be sent to him in vessels rating below Az nm
til he and the Company should agree upon the GdIi
tionGI premium to be charged in such cases What
were the reasons for his procuring this policy and
paying the premium on so large amountin advanced
Becauce he did not know at what time and bv what
vessels his correspondents in Rio might send him
the 5000 bags of coffee he had directed them to
purchase on his account, and he therefore wished
his property to be thus covered by insurance
whenever it afloat on the ocean for IL
might well be, that he might never hear
of the shipment of his coffee until its safe arrival or
loss This necessity of the mercantile world has
given rise to these running policies, which cover
annually property to the value of millions of dollars
But if the view of these Insurance Companies is to
prevail, that the property is not covered until the
%aa"'o"dt premium Is ilxed by them, agreed upon
between the parties, then very speedy Termination
would be put to this kind or policy and the defend
ants might as well close their ayences in this civ
But such the Court held not to be ue true construc
tiOn of this policy. The policy naont th;s and
nothing that the defendants woulI insure the
coffee of plaintiff, in its transit from Rio TO mort
in the United States, at p per cent prelnium by
rhoterer uesse carried but if carried ina vessel an
below AZ, or by foreign vessel, additional ,ye
miUm should be paid them. Additional to ,rhat? WIZ
to the II per cent. oiready paid, and such add
tional premium as in the opinion of underwriters
would be equal to the increased risk to such cargo
In vessels rating below Az, or in foreign vessels
And this seems to have been the view taken by the
Sun Mutual Insurance Company itself in its CORES
pondence with its agent in this city; for ALTHOUGH
in their letter of August 25th 1856, they take the
ground "that the assured had no right to have this
risk on the Mary W. covered on this policy"
they subsequently rcccde from this position
and in their letter of the Both August then admit
he had the right, but that the fixing of the premium
rested solely with them" The Court thought the
latter position untenable as the former As some
thing had been said in the course of the argument,
in reference to the endorsement on the policy of the
9th August, the Court remarked that they consid-
cred this endorsement fully warranted by the de-
PENDANTS letter to their agent, of that date; and
that indeed, the agent, with that letter in his
hand, could have made other endorsement.
The plaintiff presented the two prayers, and the
defendants presented three prayers. The Court re
marked that they agreed with the propositions of
law contained in defendants lst and I'd PRAYERS and
PLAINTIFF second prayer, and only rejected them be-
cause they were substantially embraced in the in
| structOn which the court would give to the Jury,
but they rejected the plaintiffs lst prayer and the
defendants 3d prayer in conflict with their view
OF claw OF the case; and the Court then gave to
! the jury the following instruction
|
! the defendants executed the policy of the 9th
! July, 1855, and received from the plaintiff the
! premium therein mentioned: and, that their
! duly authorized agent in this city, made the
| endorsements on the said policy, which have
been offered in evidence, and shall further
find that 1880 bags of coffee, belonging tc
plaintiff, were shipped on the 10Th of July 1856. al
Rio, board the schr. Mary w. to be carried to New
Orleans; and that when said schooner left Rio she
was seaworthy and in good condition; and shall
| further find that the said vessel and cargo were
subsequently on said voyage totally lost by one o
the perIs insured against; and that said schooner
was rated lower in New \ ork than AZ, then the
plaintiff is entitled to recover for half the value
of said coffee so lost, at SIS per bag less such add
tiona premium beyond the | % per cent. as in the
opinion of the underwriters may be deemed adc
quatc for the increased risk to cargo of coffee
| shipped in Il vessel rating below AZ, with interest
| from thirty days after such time the jury may
! find the defendants were furnished by plaintiff witt
the preliminary proofs OF his said loss; and there il
no evidence in thi case that the said schooner a
any period during the running of this policy rateC
as Nigh as NJ in any of the insurance Offices il
New York.
Hon. Henry May, Robert J. Brent and Vivian
| Brent, Esqrs. for the plaintiff.
Hon. John Nelson and Messrs. Brown & Bruno
of Baltimore, and Hon. +. b. Cutting and Alexan
der Hamilton, Jr., Esq, of New York, for the de
| fandants