Home Insurance Co. of New York v. Gibson

Citations

• 72 Miss. 58

Syllabus

<p>1. ITiee INSURANCE, Conditions of policy. Parol waiver.</p> <p>Where an agent of an insurance company receives the premium and issues a policy on a building, knowing that the assured has only a leasehold interest, the policy is good, notwithstanding stipulations therein that it shall be void if the interest of the assured be other than the sole, unconditional ownership, and that no representative of the company is authorized to waive conditions except those mentioned, and then only by writing- indorsed on or attached to the policy. Insurance Co. v. Sheffy, 71 Miss., 919, cited.</p> <p>2. Same. Interest of assured in property. Liability of insurer.</p> <p>An insurance company which, with full knowledge of the facts, issues to one having- only a leasehold interest in a building a policy insuring the entire interest, cannot, in case of loss, limit the recovery of assured to his interest. There being- no fraud or mistake in procuring the insurance, the company is bound by its policy and has no concern with an outside contract between assured and his lessor as to their respective interests in the property.</p> <p>S. Same. Proofs of loss. 'Denial of liability. Waiver.</p> <p>Where, during the time allowed for making- proofs of loss, the general. adjuster of an insurance company tells the assured that the company is not liable under the policy, proofs of loss are rendered unnecessary, and the failure to make them will not forfeit the policy. Insurance Co. v. Comfort, 50 Hiss., G63.</p> <p>4. Same. Requirement as to arbitration. Waiver.</p> <p>This is true also in respect to a provision requiring any disagreement as to the amount of loss to be submitted to arbitration.</p>