Chauncey Goodrich Parker

Name: The Nature of a Policy of Insurance With Regard to its Assignability
Author: Chauncey Goodrich Parker

The Nature of a Policy of Insurance With Regard to its Assignability (1888)

Summary

“The Nature of a Policy of Insurance With Regard to its Assignability”, published in 1888, is a work by Chauncey Goodrich Parker. It explores elements such as insurance, policy and insurer.

Quotes from The Nature of a Policy of Insurance With Regard to its Assignability (Chauncey Goodrich Parker)

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ Duer is of opinion that insurance policies, like bills of exchange, are negotiable, and that a bona fide purchaser for value will take the policy, subject, to be sure, to every legal defence which would be available against the original insured, but free from all equities existing between the original insured and the underwriter. ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ The mistake would seem to have originated in the supposition that a policy of insurance should be construed as if it were an engagement to indemnify the person first insured and could not be carried farther without a new contract. If the premise be conceded we must admit the conclusion, for no argument can be necessary to show that a promise to save A harmless cannot be enlarged by a transfer to B, nor enforced by him for his benefit, unless A has been injured, and then only to the extent of that injury. ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ He regards an insurance policy more in the nature of an insurance of the property than an insurance of his own interest in that property, and contemplates that not only will he himself be protected from loss, but every one else who acquires his interest, and acquires the benefit of his policy. Even where there is a clause against alienation of property or policy, his conception of the policy is not changed. Insurance companies readily give their consent to the alienation, and in that case the alienee is protected. ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ A marine policy of insurance on goods seems to be precisely similar to a bill of lading as to its assignableness, provided it imports on its face a responsibility directly to the assignee of the goods, and I accordingly venture to state it as the better doctrine that the interest in a marine policy, purporting on its face to insure the owner of the goods, whoever he may be, is assignable with the goods to the effect of giving the assignee a right to make demand and bring suits upon it in his own name. ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ An assignment passes the right which the assignor has as he has it, and simply entitles the assignee to claim whatever is or may become due to the assignor. Hence, if the obligation imposed by the insurance of a house or vessel were limited to indemnifying those by whom or on whose behalf the insurance is effected, no recovery could be had after a sale, whether the suit were brought in the name of the vendor or in that of the purchaser, and whether the sale was or was not accompanied by an assignment of the policy ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ But where the property insured is sold, and the policy is assigned, an entirely different question is raised. In this case, the person originally insured has parted with his entire interest in the subject-matter of the contract. He can suffer no loss, for he had no interest in the property at the time of the loss. The insurers cannot indemnify him, for he has no interest which can be the subject of indemnity. That interest is in the assignee, a stranger to the contract, who is neither a party nor a privy to the original contract, and it is he who suffers the loss. ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ But in case of such sale or alienation of the insured property, the original assured having no longer any interest in the policy, except to claim a return of premium, if he will assign his policy or his contract of insurance to such purchaser, and the company assent to it, here is a new and original contract embracing all the elements of a contract of insurance between the assignee and the insurers. The property having become the purchaser’s, is at his risk, and if burnt it is his loss, and he has a good original contract upon a valid consideration to guarantee him against such loss...... ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ The better view is that a marine policy and a fire policy do not differ at all in this respect, except that, from the earliest times, fire policies have always contained a condition against assignment, while marine policies have contained no such condition. ”

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Source: Wikisource

Chauncey Goodrich Parker, The Nature of a Policy of Insurance With Regard to its Assignability (1888)

“ This view would satisfactorily account for the cases in which the insured aliens the interest originally insured, but retains an interest in the property insured; as, for instance, where he sells his land, at the same time retaining a mortgage to secure the purchase-money. ”

Chauncey Goodrich Parker

Summary

Quotes from The Nature of a Policy of Insurance With Regard to its Assignability (Chauncey Goodrich Parker)

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