Olyphant Lumber Co. ex rel. Mc-Gouldrick v. Peoples' Mutual Live Stock Insurance

Citations

• 4 Pa. Super. 100
• 1897 Pa. Super. LEXIS 89

Syllabus

<p>Insurance — Transfer of an insured thing does not carry the insurance.</p> <p>A sale of property insured does not carry with it the policy of insurance. The policy is not an insurance of the specific thing without regard to the ownership, but is a special agreement of indemnity with the person insuring against such loss or damage.</p> <p>In the absence of an assignment the grantee cannot recover on the policy, because the insurer has no contract with him, and the grantor cannot recover because he has sustained no loss.</p> <p>Insurance — Eight of insurer to reserve right to approve assignment.</p> <p>The insurer has a right to choose the persons with whom he will contract, and a stipulation that the policy shall not be transferred to the grantee of the property insured without the consent of the insurer is but the exercise of that right and is of undoubted validity.</p> <p>Insurance — Conditional sale — Subject to approval of assigned policy.</p> <p>If the owner of an insured chattel desires to retain and protect his interest in the policy after a transfer of the possession of the chattel and payment of the purchase money under a conditional sale, it is his duty to notify the insurers immediately of the transfer in accordance with the terms of the policy and the by-laws of the company; otherwise in case of loss neither the vendor nor the vendee can maintain an action on the policy. Notice of the assignment of the policy is not notice of the sale of the chattel.</p> <p>Insurance of live stock — Notice and appjroval of assignment — Nonsuit.</p> <p>An owner of a horse, insured in the defendant company, sold him with the provision that the sale should be conditional upon an approval of an assignment of the policy; no notice was given to the company or approval of the assignment made by it at the time of the sale. Several days later the horse was taken sick, and on the day it died the vendee sent in the assigned policy for approval, which was refused by the company pe