Enemy ships which had been captured were insured for their return to England. A claim arose. The insurance provider said that the claim failed under the 1745 Act as a wager since the claimant had no insurable interest in the ships.
Held: 184480 said: ‘It would be a strange thing if freight could not be the subject of protection by an instrument which had its origin from commerce and was introduced for the very purpose of giving security to mercantile transactions. It is a solid substantial interest ascertained by contract and arising from labour and capital employed for the purpose of commerce.’ and ‘The insurance of profits ascertained by positive contract may be equally just and reasonable, and is hardly to be distinguished in principle from the case of freight . . A mere speculation on profit is not insurable.’
Chambre J
(1802) 3 Bos and P 75, [1802] EngR 21, (1802) 3 Bos and Pul 75, (1802) 127 ER 42
Commonlii
Marine Insurance Act 1745
England and Wales
Cited by:
Appeal from – Lucena v Craufurd HL 1806
Before the declaration of war, against the United Provinces, His Majesty’s ships took possession of several ships belonging to Dutch East India men, and took them to St Helena. The Commissioners then insured the ships for their journey from St . .
See Also – Lucena v Craufurd HL 29-Jun-1808
Commissioners were authorized by a commission granted in pursuance of a statute, to take into their possession ships and goods belonging to subjects of the United Provinces, which had been or might be detained in or brought into the ports of this . .
These lists may be incomplete.
Updated: 09 July 2021; Ref: scu.238200
