107*  When  insurances  against  loss  by  fire  upon  movables,
as  goods;  wareS|  and  merchandise,  were  introduced  by  the
Sun  Fire  Office  in  1710;  '^  the  society,  being  sensible  that  such
an  extensive  undertaking  might  give  opportunities  for  frauds,
took  all  possible  precautions  for  preventing  them  ;  and,  there-
fore; their  policies  for  insmrance  were  so  framed  as  to  be  con-
tracts only  between  the  office  and  tJie  parties  insuring  ;  the  loss
secured  against  being  thereby  restrained  and  confined  to  the
contracting  persons  only."  Since  which  time  the  same  condi-
tions have  been  continued  in  fire  policies,  both  English  and
American;  applying  alike  to  movables  and  immovables  /  and
the  courts  now  recognize  it  as  a  personal  contract  only,  and
not  an  insurance  of  the  subject  named  in  the  policy.  It  is  an
obligation  to  make  good  to  the  insured  every  loss  he  may  sus-
tain from  the  peril  insured  against;  according  to  the  nature
and  terms  of  the  contract ;  and;  as  a  rule;  not  an  obligation  to
make  good  every  damage  that^from  the  same  causes,  the  property
covered  may  sustain  without  regard  to  its  ownership,

108*  It  has  become  customary  to  speak  of  property  as
being  insured^  when  the  interest  of  the  insured  in  the  property


k


SUBSCRIPTION.  49

was  intended.  Lord  Chancellor  Hardwicke^  speaking  upon
this  pointy  observes : —

"  To  whom  or  for  what  loss  are  they  {The  ffand4nrHand  Fire  Office)  to
mike  satisfaction  ?    Why,  to  the  person  insared,  and  for  the  loss  he  may  ^

have  sustained ;  for  it  cannot  properly  be  called  insuring  the  thing,  for
there  is  no  possibility  of  doing  it,  and  therefore  mast  mean  insuring  the
per$(m  from  damage."

109.  The  Supreme  Court  of  Pennsylvania  held  that  it
was  not  the  property y  but  the  beneficial  interest  in  tlhe  property j
which  is  insured ;  and  that  only  the  value  of  such  interest  can
be  recovered  by  such  owner  upon  the  loss^  the  contract  being
one  strictly  of  indemnity.     (\S0.)

SUBSCRIPTION.
