Standard Marine Ins. Co. v. Assur. Co., 283 U.S. 284 (1931)

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Standard Marine Insurance Company, Limited v.

Scottish Metropolitan Assurance Company, Limited
No. 261

Argued March 13, 16, 1931
Decided April 13, 1931
283 U.S. 284

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE SIXTH CIRCUIT

Syllabus

1. It has long been the accepted rule, in the law of maritime torts and of maritime insurance that the recoverable value of cargo lost or damaged at sea is the value at time and place of shipment, without allowance for increase of value or anticipated profits. P. 288.

2. An insurer against loss of anticipated profits on cargo and an insurer of the cargo are not co-insurers of the same risk, and the former is not entitled to be subrogated with the latter to the cargo owner’s right of recovery for destruction of the cargo by a maritime tort. P. 287.

3. Insurance upon "increased value" of cargo is upon the same footing, in this regard, as insurance upon profits insofar as the former covers value in excess of the value of the cargo at time and place of shipment. P. 288 et seq.

39 F.2d 436 affirmed.

Certiorari, 282 U.S. 822, to review a decree affirming a decree of the district court, 28 F.2d 540, in a limitation of liability proceeding, which apportioned the recovery between two intervening insurance companies.