Joseph McKenna

“ The statute, then, does not present the alternative of wager policies to indemnity policies. The change is from one kind of indemnity policy to another kind,-from open policies to valued policies,-both of which are sanctioned by the practice and law of insurance, and this change is the only compulsion of the law. It makes no contract for the parties. In this it permits absolute freedom. It leaves them to fix the valuation of the property upon such prudence and inquiry as they choose. ”

“ Orient Insurance Company v. Daggs
The statute of Missouri is alleged to violate the fourteenth amendment of the constitution of the United States in the following particulars: (1) that it abridges the privileges or immunities of citizens of the United States; (2) denies to persons within its jurisdiction the equal protection of the laws; and (3) deprives persons of property without due process of law.
1. It is not clear that this ground is relied on. It is, however, not available to plaintiff in error. ”

“ Justice Field, said: 'The plain answer to this contention is that the liability imposed by the law of 1874 arises only for injuries subsequently committed; it has no application to past injuries, and it cannot be successfully contended that the state may not prescribe the liabilities under which corporations created by its laws shall conduct their business in the future, where no limitation is placed upon its power in this respect by their charters. ”