Re-insurance means the same thing in fire policies as in marine policies, and is in general governed by the same rules. Of these, the principal one is, that a re-insurer is entitled to make the same defence, and on the same grounds, which the party whom he insured could have made in a suit by the original insured (y) against him on the same policy. If an insurer causes himself to be re-insured, and then becomes insolvent, and a loss occurs, the original insured has no lien upon and no interest in the policy of re-insurance. He is only a creditor of his own insurer, and takes only his dividend of the assets of the insolvent company, the assignees of the insolvent re-insured taking whatever is payable under the policy of re-insurance, and holding it as assets for the general creditors of the re-insured. (z)

An insurer cannot, by a contract of re-insurance, stipulate for indemnity against a risk which he has not assumed. (a)

(w) Holhrook v. Am. Ins. Co. 3 Curtis. C. C. 193.

(x) Clark v. Hamilton Ins. Co. 9 Gray, 148.

(y) New York Ins. Co. v. Protection Ins. Co. 1 Story, 458.

(z) Herckenrath v. American Ins. Co. 8 Barb. Ch. 63.

(a) Commonwealth Ins. Co. v. Globe Ins. Co. 35 Penn. State, 475.

1 But the fact that the mortgagor has insured his interest will not defeat a policy afterwards taken on the same property by the mortgagee in the names of both without the mortgagor's knowledge, payable in case of loss to the mortgagee. Westchester Ins. Co. v. Poster, 90 Ill.121. A provision in an insurance policy inserted by the company after an assignment by the mortgagor as collateral that the insurance of the mortgagee's interest should be unaffected by any act of the mortgagor or owner, and that when any