
    Edward Williams et al. vs. The Albany Insurance Company; also, The Same vs. The Republic Insurance Company.
    Error from Wayne Circuit.
   Opinion by

Christiancy, J.

The actions were upon policies of insurance upon a vessel It appears that the premiums for the policies were covered by a promissory note payable at a future day, and that the policies contained a stipulation that in case the note was not paid when due the risk should be suspended during the time while the note remained overdue and unpaid. In fact, the note was not paid when due, and the vessel was lost while it remained unpaid. The note was afterwards paid, and the principal questions considered by this Court were, first, whether the stipulation suspending the risk was reasonable and valid; and, second, whether the defendants waived it by receiving payment of the note afterwards.

Held, that the stipulation was reasonable and valid, and was not waived.

Held, further, that the insurance companies did not preclude themselves from relying upon their stipulation by putting their refusal to pay upon another ground when .the loss first occurred.

Judgment for defendants affirmed.  