An Outline of the Law of Insurance, With Illustrative Cases

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March Term, 1842.
This was an action of assumpsit, in which the plaintiff declared on the two policies ■of insurance and the award hereinafter men- tioned. The case was submitted to the court on the following facts agreed by the parties: The defendants are a corporation estab- lished by St. 1838, c. 192, and are subject to the provisions of Rev. St c. 37, §§ 24^9, with authority to "insure, for a term not ex- ceeding seven years, upon any building with- in this state, any a mount not ex ceeding
... three fourths of the value thereof. f ' On the 8th of December, 1838, Peter C.
Jones was the owner of a paper mill and the water wheels attached thereto, situate in Watertown, and on that day the defendants executed to said Jones (who was then one of their directors) the policy which is the sub- ject of this action; whereby, in considera- tion of his paying a premium of $35, and of his premium note for the same sum, and of his binding himself to pay, in addition, such farther sum or sums as might be assessed on him by the defendants, pursuant to their by-laws, but not exceeding $140, they insured said Jones $2,000 upon said paper miU and water wheels, for one year.


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