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Updated: June 27, 2025
Secondly, it is but one risk the insurer runs; whereas the assured has had a risk out, a risk of debts abroad, a risk of a market, and a risk of his factor, and has a risk of a market to come, and therefore ought to have an answerable profit.
Life insurance may be defined to be "A contract for the future payment of a certain sum of money to a person specified in the body of the policy, on conditions dependent on the length of some particular person's life." There are two parties to this contract the insured and the insurer.
The Lord is my Banker, my Helper, my Insurer, my Deliverer, my Patron, and my Blessed Savior of temporal things as well as spiritual." "'Cheerful giving, writes an aged minister, 'is what enriches the giver and brings down a blessing from above. A poor clergyman attended one of Zion's festivals in a distant city.
For this reason, my lords, there is generally a malevolence in the merchant against the insurer, whom he considers as an idle caterpillar, living without industry upon the labours of others, and, therefore, when he lays down the sum stipulated for security, he is almost in suspense, whether he should not prefer the loss of the remaining part of the value of his vessel to the mortification of seeing the insurer enjoy that money, which fear and caution have influenced him to pay.
Having traced the process by which a common carrier has been made an insurer, it only remains to say a word upon the origin of the admitted exceptions from the risk assumed. It has been seen already how loss by the public enemy came to be mentioned by Chief Justice Holt. It is the old distinction taken in the Marshal's case that there the bailee has no remedy over.
A common carrier is one who carries goods for hire as a common business, whether by land or by water, and is responsible to the owner of the goods, even if robbed of them. He is in the nature of an insurer, and is answerable for all losses, except in cases of the act of God, as by lightning, storms, floods, &c. and public enemies, as in time of war.
Some object the disparity of the premium to the hazard, when the insurer runs the risk of 100 pounds on the seas from Jamaica to London for 40s., which, say they, is preposterous and unequal.
We therefore emphasize the proposition that a system of insurance that relieves the insurer of one half the pecuniary burden he is compelled to bear under the level premium system, is one that is worthy of fair treatment on the part of a discriminating public, and that the people cannot afford to have impeded in its usefulness by ignorance, prejudice, or moneyed monopolies.
"But there is a further degree of responsibility by the custom of the realm, that is, by the common law; a carrier is in the nature of an insurer .... To prevent litigation, collusion, and the necessity of going into circumstances impossible to be unravelled, the law presumes against the carrier, unless," &c. /1/
This was adopted by solemn decision in Lord Mansfield's time, and it is now settled that the common carrier "is liable for all losses which do not fall within the excepted cases." /1/ That is to say, he has become an insurer to that extent, not only against the disappearance or destruction, but against all forms of damage to the goods except as excepted above.
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