Scottish Union & National Insurance v. Enslie

Citations

• 78 Miss. 157

Syllabus

<p>1. Fire Insurance. Mortgagor and mortgagee. Suit.</p> <p>Where a policy of fire insurance is issued payable to the mortgagee “ as his interest may appear, ” balance to the mortgagor, the latter may, in case of loss, after the insurer has paid the sum due on the mortgage debt, maintain an action at law on the policy in his own name for the balance.</p> <p>S. Same. Policy. Limited time for suit. Waimer. Construction.</p> <p>A clause in a fire insurance policy limiting the time for suit is waived by requests for forbearance of suit and representations of' the insurer that the company will pay without suit. Such clauses are for the benefit of the insurer, and are to be strictly construed to prevent forfeitures.</p> <p>3. Same. Laws 1894, p. 51. Laws 1896, p. 68. Valued policy law. Public policy.</p> <p>As to risks taken on property in this state, the valued policy law (laws 1894, p. 51; amended, laws 1896, p. 68) determines the quantum of recovery, whether the defendant be a foreign or domestic insurance company, and no matter' where the policy is issued, said law being that of the forum and designed to protect policy holders in this state.</p> <p>4. Same. VaVue of properly. Estoppel.</p> <p>In suits on fire insurance policies on property in this state, issued after the adoption of the act of 1894 (laws 1894, p. 51), known as the valued policy law; the insurer is precluded from denying the value of the property to be that on which the insurance was calculated.</p> <p>5. Same. Three-fourths clause.</p> <p>In suits on fire insurance policies on property in this state, issued ■ after the adoption of the valued policy law (laws 1894, p. 51; amended, laws 1896, p. 68). where the policy contains what is known as the three-fourths clause, the insurer is precluded from denying- that the amount of the policy was but three-fourths the value of the property.</p>