A policy providing a fixed level of benefit, calculated according to the degree of injury could not be avoided under the 1744 Act on the basis that the insured had no insurable interest. The insurance company said the company had no insurable interest.
Held: The phrase ‘insurable interest’ had proved difficult to define, and its meaning must be interpreted accoring to the context. The policy was not a simple life policy, but protected members’ interests in the event of losses. The insured had a pecuniary interest, and could recover.
Judges:
Waller LJ, Ward LJ, Dyson LJ
Citations:
Times 12-Jul-2003, [2003] EWCA Civ 885, Gazette 11-Sep-2003
Links:
Statutes:
Life Assurance Act 1744 1, Marine Insurance Act 1906 5
Jurisdiction:
England and Wales
Citing:
Appeal from – Feasey v Sun Life Assurance Company of Canada and Another: Steamship Mutual Underwriting Association (Bermuda) Ltd v Feasey ComC 17-May-2002
The fact that there was more than one insurance policy in place for the same interest would not preclude a claim under one of them. A mutual underwriting group insured members against personal injury and so forth through ‘lineslip’ policies. The . .
Cited – Stock v Inglis CA 1884
Buyers of sugar to whom the risk of loss of the sugar but not the property in it had passed had an insurable interest.
Held: ‘Nobody can deny that this is a case of extreme difficulty and of great nicety. In my opinion it is the duty of a . .
Cited – Anderson v Morice 1875
A purchaser of a cargo was held to have no insurable interest in the cargo itself until the risk had passed to him on completion of loading. The only possible insurable interest was on the profits from sale of the cargo but not on the cargo itself . .
Cited by:
Appealed to – Feasey v Sun Life Assurance Company of Canada and Another: Steamship Mutual Underwriting Association (Bermuda) Ltd v Feasey ComC 17-May-2002
The fact that there was more than one insurance policy in place for the same interest would not preclude a claim under one of them. A mutual underwriting group insured members against personal injury and so forth through ‘lineslip’ policies. The . .
Lists of cited by and citing cases may be incomplete.
Insurance
Updated: 07 June 2022; Ref: scu.184476
