
    Perkins v. The Washington Insurance Company. 4 Cow. Rep. 645. On Appeal.
    Not reported in Chancery.
    
      Fire Insurance. Commencement of Risk.
    
    The defendants, an insurance company in the city of New York, appointed a surveyor in Savannah, Ga., and by their president empowered him to make contracts of insurance against fire, to take effect from the time when the premium should be paid, and should be received at New York ; provided the office should recognize the rate of premium and should be otherwise satisfied with the risk. The surveyor advertised at Savannah, the terms on which the company would insure, and subscribed himself as agent of the company at Savannah; mentioning that they would insure through him. P., the plaintiff paid the usual premium of insurance on certain goods on the 5th of Jan. 1820 to the surveyor, who gave a receipt for the money, describing himself as agent of the company, and specifying the consideration and object of the receipt; but before the premium was received at New York, the goods were consumed by fire, and the insured afterwards tendered the premium to the company, and demanded that they should imdemnify him or execute the contract of insurance. On a bill filed upon that state of facts, claiming indemnity from the company, the Chancellor dismissed the bill, holding that the risk had not commenced ; but,
   The Court of Errors reversed the decree and held that the company were bound to indemnify the insured, although the premium had not been received by them before the loss, and that the premium paid being according to their established rates, it did not lie with the company to say that they would not recognize the rate of premium or would not be satisfied with the risk, and they were accordingly decreed to indemnify the assured.  