70 Vt. 562 | Vt. | 1898
The plaintiff held a fire insurance policy in the defendant company covering specific sums on three items, viz: — $562.50 on item a, $612.50 on item b, $325.00 on item c.
He held in the Home Company a like policy for $262.50 on item a, $375.00 on item b, and $112.50 on item c.
He held policies in the Lloyds Association for $12,700.00, called blanket policies, insuring the same property as one item.
The property was totally destroyed, the loss being the full value, and was less than the total amount of insurance. The loss on the respective items was as follows: $3,491.48 on item a, $6,230.37 on item b, and $2,014.70 on item c.
The question presented is, what proportion of the loss shall the respective companies pay. The rule which must be
Apportioning the amount of the blanket policies, $12,700 upon the amount of the loss by using the proportion, as the value of the whole property is to the whole blanket insurance, so is the value of each item to the insurance on each item, we find the insurance on each item to be: Item a, $3,778.09, item b, $6,741.82, item c, $2,180.09, equals $12,700; and the total amount of the insurance upon each item to be, item a, $4,603.09, item b, $7,729.32, item c, $2,617.59.
As each company pays in the ratio that the amount of its policy bears to the total amount of insurance, the defendant is liable in respect to item a, $426.66, item b, $493.73, item c, $250.14, equals' $1,170.53, the amount for which judgment was entered below.
The judgment was correct and is affirmed.