As wager policies are now void both in England and in this country, the insured must have at risk some interest in the subject of insurance. (q) This may be any legal or equitable interest whatever, if it be such that the peril against which the insurance is made, would cause a pecuniary loss to the insured by its immediate and direct effect. (r)
A policy may be made and delivered which as yet covers no property; because it may provide that the property to be insured under it shall be defined and ascertained by statements to be subsequently and at various times indorsed upon the policy. (s)1 These policies always provide for the manner in which ships or cargo or any maritime interest shall be indorsed upon the policy, or entered in a designated book so as to come under insurance;
(p) Knight v. Faith, 15 Q. B. 649. See Meretony v. Dunlope, cited 1 T. R. 260; Furneaux v. Bradley, 2 Marsh. Ins. 584.
(q) Amory v. Oilman, 2 Mats. 13; Stetson v. Mass. Ins. Co. 4 Mass. 886; Lord v. Dall, 12 Mass. 118; King v. State Ins. Co. 7 Cush. 10; Alsop v. Commercial Ins. Co. 1 Sumner, 464. By statute, 19 Geo. II., c. 37, wager policies are made illegal.
(r) Lucena v. Craufurd, 5 B. ft P.
802; Craufurd v. Hunter, 8 T. R. 13; Stirling v. Vaughan, 11 East, 619; Han-cox v. Fishing Ins. Co. 3 Sumner, 140; Fireman's Ins. Co. v. Powell, 13 B. Mon. 311; Waters v. Monarch Ins. Co. 5 Ellis ft B. 870; Wilson v. Martin, 11 Exch. 684; Rice v. Tower, 1 Gray, 426.
(s) Langhorn v. Cologan, 4 Taunt. 330; Neville v. Merch. Ins. Co. 17 Ohio, 192; Newlin v. Ins. Co. 20 Penn. State, 312; Ralli v. Janson, 6 Ellis & B. 422, 36 Eng. L. & Eq. 198.
1 Under a "floating" marine policy for "goods" contracted for, there is no insurable interest in goods not specifically appropriated to the insured prior to the loss. Stock v Inglis, 9Q.B.D. 708.
and these provisions are strictly enforced. (ss) Such a policy is sometimes called an "open policy," and sometimes a "running policy." The insured by such a policy has no right to make an indorsement which conflicts with the body of the policy. (t) It has been held, that these indorsements are to be regarded as so many contracts of insurance; * and, generally speaking, the insurers, by an open policy on merchandise to be shipped by a certain route, are obliged to insure all shipments made to the insured by that route, if duly indorsed, with due information to the insurers of the circumstances they are entitled to know. But it is also true, that the language of the policy may show that the contract is not an absolute one, but that the underwriters can elect in each case whether to take the risk or not. (u)