The Livingstone

Citations

• 130 F. 746
• 65 C.C.A. 610
• 1904 U.S. App. LEXIS 4214

Syllabus

<p>1. Marine Insurance — Total Loss — Effect of Abandonment.</p> <p>Neither the abandonment to the insurer of a vessel sunk in collision nor a bill of sale conveying the same vests the insurer with a right of action against the vessel in fault for the collision, which can exist only on the principle of subrogation arising out of the performance of the insurance contract.</p> <p>2. Same — Valued Policy — Subrogation on Payment of Total Loss.</p> <p>Where a ship sunk by collision and abandoned to the insurer, being an actual total loss, is insured by a valued policy, and the stipulated sum is paid to the owner, who subsequently recovers her actual value, which exceeds her insurance value, as damages from the vessel responsible for the collision, the insurer is only entitled to be reimbursed from such recovery by receiving back the amount it has paid out, with interest, and the insured is entitled to the remainder in payment of his uncompensated loss.</p>