Legal Definitions - Court of Policies of Insurance

Court of Policies of Insurance

The Court of Policies of Insurance was a court in London that dealt with insurance-policy issues between merchants. It had the power to make quick decisions on disputes related to insurance policies. The court's jurisdiction was limited to London, and any appeals were made to the Court of Chancery. The Court of Policies of Insurance was abolished in 1863.

Suppose a merchant in London had an insurance policy for their goods, and the goods were damaged during transportation. The merchant could take their case to the Court of Policies of Insurance to resolve the issue quickly.

Another example could be if a merchant's ship was lost at sea, and they had an insurance policy for the ship. The merchant could take their case to the Court of Policies of Insurance to determine if they were entitled to compensation.

These examples illustrate how the Court of Policies of Insurance provided a quick and efficient way for merchants to resolve disputes related to insurance policies.