Bergson v. Builders Insurance Co.

Citations

• 38 Cal. 541

Syllabus

<p>Assignment of a Policy of Insurance.—The assent of the insurer is required, in order to transfer a policy of insurance to the assignee of the insured property, whether it is so stipulated in the policy or not.</p> <p>Idem.—But when there is no transfer of the property, an assignment of the policy win be upheld, as between the parties, as an equitable assignment of a contingent right to the money; and when the loss happens, it becomes a vested right, unless it is a condition of the insurance that the policy shaU not be assigned without the assent of the insurer.</p> <p>Idem.—The assignment of a policy of insurance is not governed by the rules applicable to negotiable paper, but the assignee takes the policy subject to all the rights, equities and liabilities existing between the insurer and the insured.</p> <p>Idem.—Cancelling the Policy fob Non-Payment of the Pbemium. — A policy of insurance contained the foUowing clause: “ If, in the opinion of the company, the risk be increased by any means, or if for any other cause the company shall so elect, the company reserve to themselves the right of cancelling this policy,” the premium thereon not being paid, the company gave notice to the insured (after the assignment of the policy), that unless the premium was paid on a specified day, they would cancel the policy on tho foUowing day. The money not being paid on the day mentioned, and a loss subsequently occurring by a danger insured against, in an action on the policy by tho assignee, it was Held, that the company had the right to treat the policy as rescinded on the day designated in their notice, and that no further act was requisite on the part of the company to effect the rescission.</p> <p>Pbemium on Policy of Insubance.—The payment of the premium is a condition precedent to the right to recover for a loss.</p> <p>Acknowledgment in the Policy of the Payment of the Pbemium.—The acknowledgment of the receipt of the premium in the policy may be contradicted.</p>