1.2. XXI. thing to his other creditors. This being likely to prove a CHAP. difcouragement to trade, parliament was obliged to interpofe; and it accordingly enacted, "That the obligee in any 19 Geo. 2. c. 32. "bottomry or respondentia bond, made and entered into upon a good and valuable confideration, bona fide, fhould be "admitted to claim, and after the contingency should have hap"pened, to prove his or her debt or demands in refpect of fach bond, in like manner as if the contingency had happened before the time of the issuing of the commission of bankruptcy against fuch obligor, and fhould be entitled unto, and fhould have and receive a proportionable part, fhare, and dividend of fuch bankrupt's eftate, in proportion to the other creditors of "fuch bankrupt, in like manner as if fuch contingency had happened before fuch commiffion iffued: and that all and every perfon or perfons, against whom any commiffion of bankruptcy fhould be awarded, should be discharged of and from the debt or debts owing by him, her, or them, on every such bond as aforefaid, and should have the ben*efit of the feveral ftatutes now in force against bankrupts, "in like manner, to all intents and purposes, as if such conre tingency had happened, and the money due in respect thereof had become payable before the time of the iffuing "of fuch commission." ་་ By the ftatute books it appears, that the mafters and mari-. hers of ships having taken upon bottomry greater fums of money than the value of their adventure, had been accuftomed wilfully to caft away, burn, or otherwise destroy the ships under their charge, to the great lofs of the merchants and owners: it was therefore enacted, "That if any captain, 16 Cha. 2. c. 6. "mafter, mariner, or other officer belonging to any fhip, £ 12. "fhould wilfully caft away, burn, or otherwife deftroy the "fhip unto which he belonged, or procure the same to be "done, he should fuffer death as a felon." The duration of this act having been limited to three years, it became extinct but the neceffity of fuch a provifion was fo great, that 22 & 23 Cha. 2. a fimilar law was made a few years afterwards, and is still in force. As the commerce of the country increased to an amazing degree, fo the custom of lending money on bottomry became alfo very prevalent and as the lenders had fubjected themfelves to great risks, they began to think it neceffary to pro C. II. £. 12. • XXI. CHA P. tect their property, by infuring to the amount of the money lent. In a former chapter, much was faid of the mode by which infurances on fuch property were to be effected; and Vide ante c. 1. we then faw from the cafe of Glover v. Black, that it was 3 Burt. 1394 neceffary to infert in the policy that the interest insured was bottomry or refpondentia, and that fuch was the law and practice of merchants. From this cafe too it is evident, that when a person has infured a bottomry or refpondentia intereft, and he recovers upon the bond, he cannot alfo recover upon the policy: because he has not fuftained a lofs within the meaning of his contract; and to fuffer any man to receive a double fatisfaction, would be contrary to the first principles of infurance law. As it is merely a contract of indemnity, a man shall never receive lefs; nor can he be entitled to recover more than the amount of the damage he has, in fact, sustained. CHAPTER THE TWENTY-SECOND. Of Infurance upon Lives. 150. AN Infurance upon Life is a contract, by which the un- CHAP. derwriter for a certain fum, proportioned to the age, XXII. health, profeffion, and other circumftances of the perfon,, Poftlethw. whofe life is the object of infurance, engages that that per- Dict. of Tr. p. fon fhall not die within the time limited in the policy: or if vide the Aphe do, that he will pay a fum of money to him in whose fa- pendix. No. 3. vour the policy was granted. Thus if A. lend rool. to B. 2 Blackst. Com. who can give nothing but his perfonal fecurity for repayment: 459. in order to fecure him, in cafe of his death, B. applies to C. an infurer, to infure his life in favour of A. by which means, if B. die within the time limited in the policy, A. will have a demand upon C. for the amount of his infurance. 150. The advantages refulting from fuch infurances are many 1 Poftlethw and obvious and most of them may be reduced under the following claffes. To perfons poffeffed of places or employments for life; to mafters of families and others, whose income is fubject to be determined, or leffened, at their refpective deaths; who, by infuring their lives, may secure a fum of money for the use of their families. To married perfons, where a jointure, penfion, or annuity, depends on both" or either of their lives, by infuring the life of the perfons entitled to fuch annuity, penfion, or jointure. To dependents upon any other perfon, during whofe life they are entitled to a falary or benefaction, and whofe life being insured, will enable fuch dependents, at the death of their benefactor, to claim from the infurers a fum equal to the premium paid. To perfons wanting to borrow money, who, by infuring their lives, are enabled to give a fecurity for the money borrowed. Thefe, and many other advantages, being fo obvious, the Bishop of Oxford, Sir Thomas Allen, and fome other gentlemen, were induced to apply to Queen Anne to obtain her MM 2. charter XXII. CHAP. charter for incorporating them and their fucceffors, whereby they might provide for their families, in an eafy and beneficial manner. Accordingly, in the year 1706, her majesty granted her royal charter, incorporating them by the name of "The Amicable Society for a perpetual Affurance Office," giving them a power to purchafe lands, an ability to fue and be fued in their corporate capacity, and a common feal for the more eafy and expeditious management of the affairs of the Company. lished in 1661. The benefits, which accrued to the public from this fpscies of contract, were found to be fo extenfive, that another office was established by deed enrolled in the Court of King's Bench at Westminster, for the insurance of lives only. The name of this office is, the "fociety for equitable affurance on "lives and furvivorships." Befides this, the two Companies of the Royal Exchange and London Affurance, obtained his majesty's charter, to enable them alfo to make insurances on lives. The charter points out the advantages of fuch inftitutions; for it states, as the ground, on which fuch a permiffion is to be granted, "That it has been found by expe"rience to be of benefit and advantage, for perfons having "offices, employments, eftates, or other incomes, determi"nable on the life or lives of themselves or others, to make "affurances on the life or lives, upon which fuch offices, "employments, eftates, or incomes are determinable." Private underwriters alfo may enter into policies of this nature, as well as any other, provided the party, making the infurance, chooses to trust their fingle fecurity. The antiquity of this practice cannot be very easily afcertained; however we find traces of it in fome very old auLe Guidon, c. thors. In the French book entitled Le Guidon, we find it 16. art. 5, pub mentioned, as a contract perfectly well known at that time in other countries. The author of that book, however, tells us in the fame paffage, that it was a fpecies of contract wholly forbidden in France; as being repugnant to good morals, and as opening a door to a variety of frauds and abufes. Such, indeed, the law of France continues at this 2 Magens, 70. day: and infurances upon lives are prohibited in other counLeGuid.loc.cit. tries of Europe by pofitive regulation. The fame French 2 Valin. 54. author XXII. author has, however, gone a little too far in afferting, that CHAP. Thefe infurances being thus fanctioned in England by royal fubject of parliamentary difcuffion. The refult of that dif- 14 Geo.3. c.48. or on whose account, fuch policies should be made, should pofes." And in order more effectually to guard against cy was fo made or underwrote. And that in all cafes Sect. 3. It 1 |