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sured by them, subrogating them in his rights against the Liverpool underwriters.

In cases where the same amount is without fraudulent intention insured with two sets of underwriters, the solution is extremely simple, the assured claims his loss in full from whichever set he pleases, and they in turn claim one half from the other set. Cases in which the amount is not the same are treated as cases of double insurance of the amount insured on the smaller of the two policies.

It is extremely unusual to find any interest more than doubly insured; but in cases of triple, quadruple, or other multiple insurance the principles now prevailing regarding double insurance would apply.

The cases of multiple insurance that most generally occur are those in which buyer and seller, shipper and consignee, or others in similar relationship, have each insured the same goods or interest without knowing that the other has done the same. If the fact of double insurance becomes known before the lapse of the risk insured, the best course to adopt is to advise both sets of underwriters of the fact, to ask each of them to reduce his amount insured by one half and to return one half of the premium. If, on the other hand, both insurances are effected by the same person, and that without fraudulent intention and not in sheer forgetfulness, it is only fair to assume that he had some reason for effecting the additional insurance (such as dissatisfaction with the security of his first policy), and there does not appear to be any fair ground for claiming return of premium, although the final incidence of the claim is the same.

French Law. The law of France differs entirely from that of England. In France the incidence of the loss is determined by the date of the policy, the earlier policy alone is liable if its amount is equivalent to the value of the interest insured, the later policies do not come in except for the difference between the value and the amount insured with the earlier underwriters. For any further amount the later underwriters incur no liability, and they return the premium less per cent on the amounts then treated as null.

American Law. In the United States the practice is to adopt the French rule; it is said that clauses to this effect are very generally introduced into the policies: the question arises whether the practice has now become a custom of American insurance so strong as to need no specification in the policy.

German Law.-In Germany the general rule laid down in the Commercial Code, Art. 792, is that the earlier insurance alone is valid up to its full amount, the later taking up the balance of the value, if any. But in the following exceptional cases the later policy is legally valid :

:

Art. 793. (1) When the later underwriter contracts that the rights from the earlier insurance are to be transferred to him.

(2) When the later policy is only to cover risk of insolvency of the underwriters on the first.

(3) When the earlier underwriter is by renunciation of his liability discharged therefrom so far as is necessary to prevent a double insurance, and the later underwriter is advised of this on acceptance of the risk, in which case the earlier underwriter retains the whole of his premium.

Art. 794.-When the earlier insurance was effected on account of a third party without instructions, and the later by the assured himself, and without knowledge of the earlier or with notice to the underwriter that he rejects the earlier insurance.

In all other cases of genuine double insurance, the code provides that the return for short interest shall be per cent of the sum insured, or when the premium is under 1 per cent then one half of the premium, unless some other proportion is named in the contract or is customary in the place where the insurance is effected.

Italian Law.-Art. 608 of the Italian Code of Commerce reads :

If several insurances on the same thing are without fraud effected by different parties interested, or by several representatives of the same interested party who have acted without special instructions, all the insurances are valid, but only to the amount of the value of the thing. The parties interested have action against any one of the underwriters at their choice with recourse of the underwriter who has paid against the others in proportion to their interest.

Spanish Law. The Code of 1885 provides :

Art. 782.-If several contracts of insurance have without fraud been effected on one and the same object, the first only shall stand in so far as it covers the whole value.

The underwriters of later date shall remain free of liability and receive per cent of the sum insured.

If the first contract does not cover the whole of the subject insured, the liability for the excess shall fall on the underwriters who have contracted afterwards according to the order of date.

Art. 783.-The assured shall not free himself from paying full premium to the various underwriters if he shall not before the arrival of the insured object at destination have notified to the later underwriter the rescinding of their contracts.

CHAPTER VI

THE POLICY: PART II

The Perils Insured against

So far the policy has merely detailed the person and objects insured, the valuation, the amount of it covered by the underwriters concerned, the commencement, duration, and end of the adventure for which the insurance is made. The second part of the policy describes the kind of risk against which the underwriter grants the assurance, the perils insured against. The formula in which the risks are detailed is very striking: the underwriters or assurers are represented as being content to bear and as actually taking upon themselves certain risks here specified as adventures or perils. It is as if they were replying to definite questions put to them asking whether they agreed to accept the risk of each of the perils named one by one, and were answering to each question, "Content, we take that upon ourselves." The result is that while the underwriters assent categorically to cover all the named perils, they are just as plainly exempt from liability to indemnify the assured against loss arising from any peril not specified. Care has therefore been taken to make the formula as comprehensive as possible. Arnould says (p. 31) of the words as we now know them: "The clause in its present state may fairly be regarded as affording a protection against almost every casualty which can possibly happen in the course of any voyage"; but when he adds the remark, "and for which it is meant that the

underwriter shall be answerable," he suggests the inquiry whose meaning or intention is to be taken as determining the perils that ought to be covered. That the formula contained in the policy has been found fairly adequate to the requirements of the commercial community is proved not only by its almost universal acceptance in English insurance, but even more from the fact that in all its essentials it is the form adopted in the United States.

This paragraph of the policy falls into two parts: the first enumerates certain definitely named adventures or perils; the second contains what are termed "the general words."

Touching the adventures and perils which we the assurers are contented to bear and do take upon us in this voyage, they are . . .

In this introduction to the description of the risks assumed by the underwriters there are two points to be specially noticed. First, the designation of these risks as "adventures and perils" indicates that contingencies contemplated are not the ordinary inevitable occurrences common to all navigation, but are such extraordinary fortuitous events as may be reckoned accidental. This principle will

be found of great importance in the consideration of the amounts recoverable from underwriters, excluding as it does loss or damage arising from wear and tear and from inherent defect (vice propre). Next, the introduction of the seemingly unnecessary words "in this voyage" deserves attention; the words are not found in the Florentine form of 1523, but as they occur in a London form of 1613, the introduction of them may be entirely the work of English underwriters. Their effect is obvious: they give additional definiteness to the limitations of space and time within which the underwriter's liability is in force; they imply that not merely are the underwriters liable for the accidents occurring between certain termini in the course of navigation in the usual way between them, but that it is only for such accidents as do so occur, not for the consequences of earlier or the causes of later disasters. This sharp and insistent definition of what may be called the sphere of the

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