policy must contain the name of the vessel insured, and the name of the vessel containing the goods insured. If one vessel is named, and the goods are sent by another, the policy will not cover them. The voyage must be fully described, the time and place at which the risk is to begin, the place of the vessel's departure and her destination, the time when the risk commences and ends, whether the insurance be upon the goods or the vessel. The policy must state all the ports and harbors the vessel is allowed to enter, and load and unload, and the subject of the insurance, whatever it may be. The accidents against which the insurer undertakes to indemnify the insured are distinctly enumerated in the policy. No evidence can be given of any loss, unless it be the immediate consequence of some peril insured against.

10. Barratry is fraudulent conduct on the part of the master of the vessel, in his character of master, or of the marines, to the injury of the owner of the vessel or cargo, and without his consent. This is one of the risks usually insured against. Abandonment is the act by which the insured relinquishes to the insurer all the property in the thing insured. The abandonment, when legally made, transfers from the insured to the insurer the property in the thing insured, and obliges him to pay the insured what he promised to pay by the contract of insurance. No particular form is required, nor need it be in writing; but the abandonment must be explicit and absolute, and must set forth the reasons upon which it is founded. must also be made in a reasonable time after the loss. It may be made in the following cases: 1. Where there is a total loss; 2. Where the voyage is lost, or not worth pursuing, by reason of the perils insured against; 3. If

It

Must the name of the vessel be inserted? If one vessel is named, and the goods are sent by another? What must be described as to the voyage? What intermediate ports must be mentioned? As to the enumeration of the accidents insured against?

10. What is barratry? Is this one of the risks insured against? What is abandonment? What is the effect of abandonment? Is any particu lar form of abandonment necessary? What must it be, and what must

the cargo be so damaged as to be of little value; 4. Where the salvage is very high, and the insurer will not engage to bear it; 5. If what is saved is of less value. than the freight; 6. Where the damage exceeds one-half of the value of the goods insured; 7. Where the property is captured, or detained by an indefinite embargo. When a loss has occurred, the damages must be ascertained, so that a settlement may be made. This is done by adjustment.

11. An interest policy is where the insured has a substantial interest in the thing insured. A wager policy is founded on an ideal risk, where the insured has no interest in the thing insured. These policies are unlawful. The policy itself is the contract between the parties. Whatever proposals are made between the parties, prior to the issuing of the policy, they are considered as waived, if not inserted in the policy, or contained in a memorandum annexed to it. If from mistake the policy has been so framed that it does not correspond with the original agree ment between the parties, the error may be corrected by a court of equity. Although parol evidence is not admissible to contradict or modify, it is admissible to explain what is doubtful.

it set forth? When? In what cases may it be made? When a loss occurs, how are the damages ascertained?

11. What is an interest policy? What is a wager policy? What policies are unlawful? What is the contract between the parties? When proposals are made, but not entered in the policy, how are they considered? If, from mistake, the policy does not correspond with the original agreement? For what purpose is parol evidence inadmissible? For what purpose admissible?

CHAPTER LXXIX.

FIRE INSURANCE.

1. In commercial towns, actions on mere agreements to insure, whether against fire or against the perils of the sea, are not uncommon. They are always sustained whenever it appears that the terms of agreement have been fully settled by the concurrent assent of the parties, so that nothing remains to be done but to deliver the policy. Mere receipts for premiums are very common in the city of New York, and such insurance is effected in the first instance by means of such receipts. The design of them is to give immediate effect to the insurance, or to supply the place of a formal policy until one can be prepared. A receipt of this kind is signed by the president or secretary of the company, and it constitutes, in equity, a valid insurance, and in law a valid agreement to insure. In order to complete the contract of insurance, the minds of the parties must have met. An offer of insurance made by one party to the other by letter, imposes no obligation upon him who makes it, until it is accepted. The doctrine seems to be well settled in this country, that the acceptance of a written proposal for insurance consummates the bargain, provided the offer is pending at the time of its acceptance.

2. Where the proposition is by letter, the usual mode of acceptance is by sending a letter announcing such ac

1. Can an action be sustained on an agreement to insure? When are such actions sustained? What are very common in the city of New York? What is the design of these receipts? By whom are they signed? What does this receipt constitute in equity? What does it constitute in law? What is necessary to complete the contract of insurance? Is the offer of insurance by letter binding, until accepted? What consummates such bargain?

2. When the proposition is by letter, what is the usual mode of accept

ceptance. Where the offer is made by a messenger, the acceptance returned by the messenger, or sent by another, is sufficient. A determination to accept, communicated, or put in a proper way to be communicated to the party making the offer, would doubtless complete the contract. A letter written would not be an acceptance, so long as it remained in the possession or under the control of the writer. An acceptance is the distinct act of one party to the contract, as much as the offer is of the other. In all cases of contracts entered into by parties at a distance by correspondence, it is not possible that both should have a knowledge of it at the moment it became complete. This can only exist where both parties are present.

3. In all cases of fire insurance, the insured must have an interest in the thing insured at the time of the insurance, and at the time of the loss. A mortgagor and mortgagee may both insure the same building. Where the mortgagee insures solely on his own account, it is but an insurance on his debt; and if his debt is afterwards paid or extinguished, the policy ceases to have any operation. If the premises are subsequently destroyed by fire, he has no right to recover, for he has sustained no damage. The mortgagor cannot take advantage of the policy, for he has no interest therein. If the premises are destroyed by fire before any payment of the mortgage, the insurers are bound to pay the amount of the debt to the mortgagee, if it does not exceed the insurance. Upon such payment the insurers are entitled to an assignment of the debt from the mortgagee, and they may recover the same from

ance? If the offer be made by a messenger? If a letter be written but retained by the writer? Is the acceptance a distinct act of one party? When a contract is entered into at a distance, what is not possible? 3. In fire insurance, when must the insured have an interest in the property insured? What two parties may insure the same building? If the mortgagee insure solely on his own account? If his debt is afterwards paid or extinguished? If the premises are subsequently destroyed by fire? Can the mortgagor take advantage of the policy? If the premises are destroyed by fire before the mortgage is paid? Upon such payment, to what are the insurers entitled? Does the payment of the loss to the mortgagee release the mortgagor? To what extent can the mort

the mortgagor. The payment of the loss by the insurers does not in such case discharge the mortgagor from the debt, but only changes the creditor. The mortgagee can insure only to the extent of his debt. The mortgagor can insure to the full value of the property, notwithstanding the encumbrance upon it. A tenant from year to year has an insurable interest in the buildings, though he cannot recover the value of the buildings in case of loss by fire. The interest of the insured is merely his right to possess and occupy the premises for the unexpired portion of the year for which they were rented. When a tenant is insured, the actual value of the building for occupation above the rent which he pays is the loss of the insured on its destruction by fire. A common carrier has a special property in goods delivered to him for transportation, and he may insure to the full value of the goods so placed in his hands. Trustees, agents, and consignees, can generally insure the property in their hands.

4. It is generally a condition of the policy, when the same property is insured with several companies, that the insured shall give notice of any other insurance on the same property. One of the objects of the notice is to apprise the insurer of his claim to contribution from his coinsurers. When there is a clause in the insurance, that persons insured at that office must give notice of any insurance made in their behalf at another office, and that they shall cause such other insurance to be indorsed on the policy, unless such notice is given, the insured will not be entitled to recover in case of loss. This condition applies to a subsequent, as well as to a prior insurance.

gagee insure? To what extent can the mortgagor insure? Has a tenant from year to year an insurable interest? What is his insurable interest? When a tenant is insured and the premises are destroyed, what is the measure of damages he sustains? To what amount may a common carrier insure the goods in his possession? Can trustees, agents, and consignees insure?

4. What special condition is inserted in policies of fire insurance, where insurance is effected in several companies? What is one of the objects of this notice? If such notice is not given according to the terms of the policy? To what insurances does this apply?