Intern'l Marine Ins. v. Winsmore

Citations

• 124 Pa. 61
• 23 W.N.C. 204
• 16 A. 516
• 1889 Pa. LEXIS 1004

Syllabus

<p>1. As a general rule, whatever furnishes to the assured a reasonable expectation of pecuniary benefit from the continued existence of the subject-matter of insurance, is a valid insurable interest therein, and the right of property is not always an essential ingredient.</p> <p>2. The owners of a vessel and its cargo engaged in a joint venture are in the relation of partners in the venture, each having a lien on the vessel and cargo for his own interest in the copartnership, as well as for advancements and disbursements made by him for the common benefit.</p> <p>3. Wherefore, such a part owner has an insurable interest in the joint venture, validating an insurance on the same, to the extent of his advancements and disbursements made on liabilities incurred before the vessel is destroyed, and for which it would' have been liable had the loss not occurred.</p>