ABSTRACT

The purpose of a valued policy was considered in the old case of Lewis v Rucker (1761) 2 Burr 1167, where hogsheads of sugar were insured under valued policies of insurance for a voyage from the West Indies to Hamburg. When, on arrival at Hamburg, the hogsheads were found to be damaged by seawater, the owner of the goods claimed on his policy and the court was obliged to consider the significance of a valued policy which, at the time, was thought by many to be a means of effecting a wagering policy.