New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-02
an IMPORTANT INSURANCE DECISION.

Justice Clifford of Providence, r. l., rendered
the following opinion, touching the transfer OF nsur
ance policy IN the Of Edward G. Bates the Equlta
able Fire Insurance Co., Monday last. The policy
dated oct H. 1860 was Issued to W. d. Pmlbrick IN the
sum Of OOO for year from date stock OF sugar
raw wrought aud in process contained in frame build
ing occupied 10y assured for refining sugar. sar
gents wharf Boston, Mass. The OF policy were
that should the property change hands in any way DO
disposed Of the policy would become void but, the
Company agreed that If the assured sold the property
or any part of 1t before the expiration OF the policy
proportion OF the premium received should be repaid on
serving however three months premiums on The sum in
sured over and above the amount winch would DC due
AT the time OF receiving such notice. the policy might
continue for the benefit OF such purchaser II the Com
pany give their consent thereto to be evidenced by GER
tcate Of the fact or by Endorsement on TINS pocy The
execution Of the policy admitted, and the evidence
showed the assessed owner at that date OF about
The plaintiff shortly after the date Of the policy, pnr
chased the OF the assured and the same "ere de-
fore the sd OF the following November. The
sugars were delivered to the plaintiff on the DAY
PAYABLE in case OF loss TO Edward c. Bates and
signed the same and delivered the policy to the
plaintiff Certain insurance brokers on the 2Sth OF
the same month ncosed the policy with the Endorsement
thereon signed by the assured, 10 the President OF me
Company requesting MIN approve Of the ndOrsemcnt
and on the following day the policy returned To the
brokers ndOrsed eonsent ID hereby gwen To the above
Endorsement" and the same was signed Equitable
Insurance Company Fred. W. Arnold. Secretary" Sub
sequenI 10 the purchase and delivery of the the
plaintiff carried on the business Of refining at
that refinery substantially IN the same way that The DSl
prior to that had been conducted by his vendor
aud at the time Of the loss he had hand quantity or
sugars equal that which owned by the assured at
the date OF the policy and OF the same descriptions,
During the night OF the 2t of February 1862 tho entire
stock Of sugar IN the refinery destroyed by fire. Due
notice OF the given by the plaintiff the follow
ING day and two days later the defendants admitted the
reeept OF the notice but declined To pay the amount
tbe ground that the assured ceased 10 be the Of tho
nroerty before the loss and that they had
sented 10 any change OF ownership In the property
sured They up the same deenso at the trial. but the
onrt overrled It. and directed verdict for the plaintiff
reseryIng the question for further consideration.
Since that time the parties have been fully heard.
The Judge then proceeded give ms conclusions and tho
on which they were founded lie SAID Time
policies upon stock in trade, especially where they
cover considerable period OF tme ana where from the
nature OF the business IL appears that the parties must
have understood That the stock would DC cOhuhnahy
changing, applies the goods In the place OF business
from time 20 time purchases are made 10 supply the
place Of the goods sold in the usual and regular course oil
business within the lifetime Of the policy Parta saen
of the stock therefore under such policy The vacuum
Is regularly supplied by new purchases OF eqna NaluG
and OF the same description Of goods, VIII
not render tho policy void, even though