Court : Jammu and Kashmir
Reported in : 2007ACJ2314,AIR2006J& K103,2006(2)JKJ287
..... appellant company are not material for our purpose and no reference is required to be made to these.5. the commission, on this, took the view that the respondent had insurable interest in the property and that his claim could not be denied on the basis that he had not full ownership of the house. since the appellant company accepted the premium ..... passage from banerjee's law of insurance:insurable interest is not synonymous with legal interest. thus an interest on an agreement to purchase is an insurable interest. a warehouse man who has assumed the obligation to insure the goods while in his possession has an insurable interest. even the interest of a bailee is sufficient to establish an interest and an unpaid vendor of goods as an insurable interest in the property. similarly, a ..... . this finds support from the supreme court judgment in new india assurance co. ltd v. g.n. sainani : air1997sc2938 holding:. to put it in other words, insurable interest in property would be such interest as shall make the loss of the property to cause pecuniary damage to the assured. to come under the scope of the word 'consumer' as defined in the ..... house. it is not restricted to the ownership of the whole house but it is restricted, according to section 2, only to insurable interest. insured must have some interest for the preservation of the property which he is going to insure with the company. in the present case admittedly the claimant is the owner of the half of the property. so it can definitely .....Tag this Judgment!
Court : Mumbai
Reported in : 2007(3)ALLMR462; 2007(3)BomCR98; (2007)109BOMLR559; 79SCL583(Bom)
..... dividends. the proceedings were initiated at the instance of the heirs of butterworth. one of the contentions urged was that tarlton trust had no insurable interest in butterworth and that tarlton trust was engaged in a wager transaction contrary to public policy. the court stated thus:simply stated, it is ..... court had held 'on the other hand it has been decided that a valid policy is not avoided by the cessation of the insurable interest, even as against the insurer, unless so provided by the policy itself.' the court then noted that the law in england and the preponderance of decisions of ..... it be not done by way of cover for a wager policy....' learned counsel for the respondent corporation, therefore contends that there must be an insurable interest in the assignee and the assignment should not be by way of wager. reliance for that is placed in the judgment in basil f. ..... condemned as being against the public policy. the assignments which the petitioners seek to register are mere wagering contracts in the absence of any insurable interest in the lives assured and such contracts are expressly declared to be null and void under section 30 of the indian contract act. the major ..... loans and advances taken by the policy holders. in the case of a bank, which advances a loan against a life insurance policy, the bank/financial institution has insurable interest in the continuance of the life of the assured since the responsibility for paying premium continues with the policy holders and .....Tag this Judgment!
Court : Delhi
..... allowed to be taken now by the respondent. 45. if the contract between the petitioner and the foreign seller was a wagering contract or if the petitioner did not have insurable interest, the respondent ought to have not even allowed part of the claim of rs.2,26,652/- to the petitioner. consequently, the pleas of the respondent in this regard are ..... respondent. in any case as far as denying the liability of the petitioner on the ground that it was a wagering contract and that the petitioner did not have an insurable interest is concerned, it is apparent that the pleas which were not taken by the respondent while partly rejecting the claim of the petitioner cannot be allowed to be raised now ..... by the seller has not been denied. in the circumstances, the respondent cannot contend that the petitioner is not the owner of the goods and the petitioner had only partial insurable interest. the plea of the respondent in this respect cannot be accepted and it has to be held that the ownership of the goods had passed to the petitioner on 14th ..... ,652/- plus survey fees to the petitioner against the loss claimed at rs.32,45,458/-. 25. the disputes which have been raised by the respondent insurance company, are that the petitioner has no insurable interest in the goods as the petitioner had only paid a part of the price of machinery and that the principle of rateable proportionate compensation applies due to .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 1(1986)ACC501
..... of the act. till he complies with the requirement of section 31 of the act the public liability will not cease and that constitutes the insurable interest to keep the policy alive in respect of the third party risks are concerned. it must be deemed that the transferor allowed the purchaser to ..... liable to be prosecuted under section 112 for not notifying the transfer, we are clearly of the opinion such statutory liability makes him to retain the insurable interest as the liability subsists till he discharges the statutory obligations. we disagree with the view expressed in (1972) 1 aplj 249.53. we shall presently ..... any vehicles whether or not he had any insurable interest in them. accordingly, as it seems to me, those cases are not, at any rate directly, relevant and the justices' reasoning was wrong.(italics supplied ..... referred to, the policy is in respect of third party risks only and, accordingly, that there is no necessity for the assured to have any insurable interest in the vehicle. he could in law at any rate, and possibly in practice, be able to get cover against damage caused by his driving of ..... existence of it alone, as that a loss of the property will cause pecuniary damage to the holder of the right against it, he has an insurable interest.42. a still more comprehensive definition given by lawrence, j. noted by the editors of the fourth edition of halsbury's law of england, at .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1951Bom347; (1950)52BOMLR703
..... bags of cocoanuts he similarly incurred costs, charges and expenses to the extent of es. 128-12-6. if nothing more, the plaintiff had an insurable interest in these goods to the extent of rs. 347-5-0 and rs. 128-12-6. this is sufficient to bring the case of the plaintiff ..... claim which he prosecuted against them. 8. on a consideration of these rival contentions i have come to the conclusion that the plaintiff had an insurable interest in the goods at the time when the policy was effected as also at the date of the loss. no doubt the authorities which have been ..... 1216) : 'the learned counsel for the defendants in support of his contention cited several passages from the encyclopaedia of the laws of england on the subject of insurable interest. the passage which was not cited and which i think correctly summarizes the authorities on the subject is at p. 587 of vol. viii of the encyclopaedia ..... assured.' relying upon these authorities mr. shelat submitted that on the facts of this case as established on the evidence tendered before me the plaintiff had no insurable interest in the goods the subject-matter of the suit policy. 3. mr. hathi, on the other hand, drew my attention to other passages from halsbury' ..... l. j. c. p. 172 : 'we are not aware that it has ever been held that a mere agent, without possession or lieu, has an insurable interest to the extent of the value of the goods simply because his name appears in the bill of lading instead of that of his principal ; and the general rule .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2000(1)ALD189; 1999(6)ALT231; 103CompCas58(AP)
..... so circumstanced with respect to it as to have benefit from the existence, prejudice from its destruction.' 'only those can recover who have an insurable interest and they can recover only to the extent to which that insurable interest is damaged by the loss. in the course of the argument it has been sought to establish a distinction between a fire policy and a ..... . on the basis of the above contentions the following issues arise for our consideration :(1) whether the premise that was insured under the fire policy is d no.90/a or d no.90. (2) whether the insured has an insurable interest in the premises insured. (3) whether the failure to disclose the pendency of the litigation amounts to suppression of material facts. (4) whether ..... not 90, there is no reason why the said finding is to be disturbed.11. as regards the insurable interest the learned counsel for the respondent submitted that he has an interest in the property viz., lease hold interest which he has mortgaged and that the interest was insured under the fire policy, therefore when the property was demolished he is entitled for the entire amount ..... enjoy peaceful possession of the premises which he has taken on lease is an interest and it can be said that he is has insurable interest in the property. we, therefore, are of the view that the lease hold interest of a lessee is an insurable interest in the property that is insured.19. the next question that arises for consideration is whether there is any suppression .....Tag this Judgment!
Court : Madhya Pradesh
Reported in : 2000(3)MPHT197
..... the third party risk is concerned so long the obligations under the statute are not fulfilled, as contemplated under section 31 read with section 94, he continues to have the insurable interest till such obligations are fulfilled.'7. the aforesaid view was approved in the case of complete insulations (p) ltd. (supra). with the passage of time, if we may say so ..... view expressed by various high courts that on the sale of the vehicle the insurable interest ceases and the policy lapses. we agree that any claim of the transferee in respect of his property and his person can not be enforced against the ..... the operation of the policy stands.'the court further proceeded to rule as under:'... thus, we are clearly fortified in our view that the insurable interest in the property is not necessary in the case of public liability insurance. the test is whether the liability under the statute ceased or not notwithstanding the passing of title and hence we respectfully dissent with the ..... objection certificate under section 31 read with section 94, would make the original owner retain the insurable interest. the insurable interest in this case is not the proprietary interest but the public liability, not to run the vehicle or cause or allow any person to run the vehicle without insurance and also to notify the transfer of such vehicle to the registering authority. so long such .....Tag this Judgment!
Court : US Supreme Court
..... contained in the offer page 27 u. s. 55 for assurance, but do not, we think, disprove an insurable interest in those who were still in possession of the property, and claimed title to it under executory contracts. the defendants in the circuit court then proved that the mill was ..... , and because the court is of opinion that under the circumstances stated in the said evidence, the plaintiffs had, at the time of effecting the insurance and at the time of the loss, an insurable interest in the said mill. whereupon the defendants prayed the opinion of the court and its instruction to the jury that in order to verify the description ..... the property as entitled them or either of them to recover. this instruction the court refused to give, being still of opinion that the assured held an insurable interest in the mill. an exception was taken to this opinion. the additional encumbrances to the title and the circumstances of lawrence & poindexter might constitute additional objections to the representation ..... the different points made by counsel, and these opinions must be examined. 1. the first is that the interest of the assured in the property insured is a sufficient insurable interest to support the policy and the averment of interest in the declaration. the mill insured was built on an island in the rappahannoc, which was demised by charles mortimer to stephen winchester for three .....Tag this Judgment!
Court : US Supreme Court
..... ] there never was doubt of the right of a state to regulate the business of its domestic companies done within the home state. the foreign corporation was the problem. such insurance interests resisted state regulation and brought a series of cases to this court. the companies sought to disable the states from regulating them by arguing that ..... , wrote, in bothwell v. buckbee, mears co., 275 u. s. 274 , 275 u. s. 276 (1927): "a contract of insurance, although made with a corporation having its office in a state other than that in which the insured resides and in which the interest insured is located, is not interstate commerce." he joined in other similar decisions in northwestern mutual life ins. co. v ..... readjustment of their laws. such result necessarily urges against a change of decision." [ footnote 3/17 ] in resisting pressure to federalize insurance supervision, congress has followed the advice of some of the best informed champions of the public interest on insurance problems. one was louis d. brandeis. speaking as counsel for the protective committee of policyholders in the equitable life assurance society, before ..... that it was subject to no existing regulation at all. the court consistently sustained the right of the states to represent the public interest in this enterprise. it did so, wisely or unwisely, by resort to the doctrine that insurance is not commerce, and hence is unaffected by the grant of power to congress to regulate commerce among the several states. each .....Tag this Judgment!
Court : Delhi
Reported in : AIR1989Delhi88; 65CompCas413(Delhi); 1989(16)DRJ27; 1988RLR693
..... scooter by khurana. 2. wadhwa had transferred the scooter in question in favor of khurana before the date of the accident. 3. wadhwa had no insurable interest in the scooter on the date of the accident. the insurance company, thereforee, was not liable to pay any compensation. 4. the petition was not bad for want of notice; and 5. the petitioner, sharma, was ..... is the effect of the sale of the motor vehicle before the date of accident on the liability of the insurance company does the insurable interest survive even after the sale 20. a contract of motor insurance is a contract whereby the insurer undertakes to indemnify the insured on the happening of an uncertain event, by the use of the motor vehicle, subject-matter of the ..... not be compelled to indemnify a person with whom it had no contract and who was rather unknown to it. after the sale, the insured was left with no insured was left with no insurable interest in the vehicle. thereforee, under the terms of the contract of insurance, the insurance company was not liable to indemnify the transferee. 23. has any liability been imposed on the ..... could not raise the defense that the policy had lapsed because of the sale of the sale of the vehicle and that the insurable interest continued, so far as third party risk was concerned, so long as the obligation under the statute as stipulated under section 31 read with section 94 of the act was .....Tag this Judgment!