In the context of the appended obiter dictum of Brett LJ in Castellain v. Preston (1883) 11 QBD 380, 386 (and in the context of contemporary English insurance law and practice for international trade and financial risk insurance) evaluate t);
3. the assurance of “full indemnity” for a commercial insured’s loss by a risk
insured against is effectively secured by English insurance law and regulation.
Appended Obiter Dictum of Brett LJ
Appended Obiter Dictum of Brett LJ
“… The very foundation, in my opinion, of every rule which has been applied to insurance law is this, namely, that the contract of insurance contained in a marine or fire policy is a contract of indemnity, and of indemnity only, and that this contract means that the assured, in case of a loss against which the policy has been made, shall be fully indemnified, but shall never be more than fully indemnified. That is the fundamental principle of insurance, and if ever a proposition is brought forward which is at variance with it, that is to say, which either will prevent the assured from obtaining a full indemnity, or which will give to the assured more than a full indemnity, that proposition must certainly be wrong…”
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