FREE BOOKS

Author's List




PREV.   NEXT  
|<   224   225   226   227   228   229   230   231   232   233   234   235   236   237   238   239   240   241   242   243   244   245   246   247   248  
249   250   251   252   253   254   255   256   257   258   259   260   261   262   263   264   265   266   267   268   269   270   271   272   273   >>   >|  
ests at the ultimate destination. If those other interests or some of them arrive, or are realized, as by being landed at an intermediate port, the rule (as in the case of G.A. sacrifices) is that the contributions are to be in proportion to the arrived or realized values. But if all are lost the burden of the expenditure ought not to remain upon the interest which at first bore it; and the proper rule seems to be that contributions must be made by all the interests which were at stake when it was made, in proportion to their _then_ values. Again, the object of the law of G.A. is to put one whose property is sacrificed upon an equal footing with the rest, not upon a better footing. Thus, if goods to the value of L100 have been thrown overboard for the general safety, the owner of those goods must not receive the full L100 in contribution. He himself must bear a part of it, for those goods formed part of the adventure for whose safety the jettison was made; and it is owing to the partial safety of the adventure that any contribution at all is received by him. He, therefore, is made to contribute with the other saved interests towards his own loss, in respect of the amount "made good" to him for that. The full L100 is treated as the amount to be made good, but the owner of the goods is made to contribute towards that upon the sum of L100 thus saved to him. The same principle has a further consequence. The amount to be made good will not necessarily be the value of the goods or other property in their condition at the time they were sacrificed; so to calculate it would in effect be to withdraw those goods from the subsequent risks of the voyage, and thus to put them in a better position than those which were not sacrificed. Hence, in estimating the amount to be made good, the value of the goods or property sacrificed must be estimated _as on arrival_, with reference to the condition in which they would probably have arrived had they remained on board throughout the voyage. The liability to pay G.A. contributions falls primarily upon the owner of the contributing interest, ship, goods or freight. But in practice the contributions are paid by the insurers of the several interests. Merchants seldom have to concern themselves with the subject. And yet in an ordinary policy of insurance there is no express provision requiring the underwriter to indemnify the assured against this liability. The policy commonly contains claus
PREV.   NEXT  
|<   224   225   226   227   228   229   230   231   232   233   234   235   236   237   238   239   240   241   242   243   244   245   246   247   248  
249   250   251   252   253   254   255   256   257   258   259   260   261   262   263   264   265   266   267   268   269   270   271   272   273   >>   >|  



Top keywords:

contributions

 

amount

 
interests
 

sacrificed

 

safety

 

property

 

footing

 
policy
 

adventure

 

condition


voyage

 

liability

 

contribute

 
contribution
 
values
 

proportion

 

realized

 
interest
 

arrived

 

reference


destination
 

arrival

 
remained
 

ultimate

 

commonly

 

estimated

 

estimating

 

withdraw

 

effect

 
calculate

subsequent

 

position

 

primarily

 
insurance
 

ordinary

 
assured
 
requiring
 

underwriter

 

provision

 
express

subject

 
practice
 
freight
 

indemnify

 

insurers

 

seldom

 

concern

 
Merchants
 
contributing
 

consequence