Wooddy v. Old Dominion Insurance

Citations

• 31 Va. 362
• 31 Am. Rep. 732

Syllabus

<p>1. Where a contract for the insurance of a building has been made -with the agent of an insurance company having authority to ° ■ issue policies, and the premium has been paid, but before the policy is issued the building is consumed by fire, a court of equity has jurisdiction to enforce the payment of the policy at the suit of the assured against the insurance company.</p> <p>2. The terms of the insurance having been agreed upon between the applicant for insurance and the agent of the insurance company, the applicant tenders to the agent the money for the premium; but the agent living in the house, and being indebted to the applicant for rent, tells him he has in his hands money belonging to him for rent, and will credit him for that amount. This was a valid payment of the premium.</p> <p>3. A condition of the policy is that any interest in property insured not absolute, or that is less than a perfect title, must be represented to the company and expressed in the policy. The insured has the fee simple estate in the building, conveyed by deed reserving a lien for the purchase-money, about $350 ; the house worth $1,700. The condition has reference to the quantity of the interest or estate, which is measured by its duration. Or, if not, the words used cannot have been intended to guard against mere incumbrances.</p> <p>4. Due diligence in giving notice of the loss of the building under all the circumstances is all that is required.</p>