INSTRUMENT, contracts. The writing which contains some agreement, and is so called because it has been prepared as a memorial of what has taken place or been agreed upon. The agreement and the instrument in which it is contained are very different things, the latter being only evidence of the existence of the former. The instrument or form of the contract may be valid¹, but the contract itself may be void on account of fraud. Vide Ayl. Parerg. 305; Dunl. Ad. Pr. 220.

INSTRUMENTA. This word is properly applied² to designate that kind of evidence, which consists of writings not under seal, as court rolls, accounts, and the like. 3 Tho. Co. Litt. 487.

INSULA, Latin. An island. In the Roman law the word is applied to a house not connected with other houses, but separated by a surrounding space of ground. Calvini Lex; Vicat, Vocab. ad voc.

INSUFFICIENCY. What is not competent; not enough.

INSUPER, Eng. law. The balance due by an accountant in the exchequer³, as apparent by his account. The auditors⁴ in settling his account say there remains⁵ so much insuper to such accountant.

INSURABLE INTEREST. That right of property which may be the subject of an insurance.

2. The policy of commerce, and the various complicated rights which different persons may have in the same thing, require that not only those who have an absolute property in ships or goods, but those also who, have a qualified⁶ property in them, may be at liberty to insure them. For example, when a ship is mortgaged, and the mortgage has become absolute, the owner of the legal estate has an insurable interest, and the mortgagor, on account of his equity⁷, has also an insurable interest. 1 Burr. 489. See 20 Pick. 259; 1 Pet. 163.

INSURANCE, contracts. It is defined to be a contract of indemnity⁸ from loss or damage arising upon an uncertain event. 1 Marsh⁹. Ins. 104. It is more fully¹⁰ defined to be a contract by which one of the parties, called the insurer, binds¹¹ himself to the other, called the insured, to pay him a sum of money, or otherwise indemnify him in case of the happening of a fortuitous event, provided for in a general or special manner in the contract, in consideration of a premium¹² which the latter pays, or binds himself to pay him. Pardess. part 3, t. 8, n. 588; 1 Bouv. Inst. n. 1174.

2. The instrument by which the contract is made is denominated a policy; the events or causes to be insured against, risks or perils¹³; and the thing insured, the subject or insurable interest.

3. Marine¹⁴ insurance relates to property and risks at sea; insurance of property on shore against fire, is called fire insurance; and the various contracts in such cases, are fire policies. Insurance of the lives of individuals are called insurances on lives. Vide Double Insurance; Re-Insurance.

INSURANCE AGAINST FIRE. A contract by which the insurer, in consequence of a certain premium received by him, either in a gross sum or by annual *payments, undertakes to indemnify the insured against all loss or damage which he may sustain to a certain amount, in his house or other buildings, stock, goods, or merchandise, mentioned in the policy, by fire, during the time agreed upon. 2 Marsh. Ins. B. 4, p. 784; 1 Stuart's L. C. R. 174; Park. Ins. c. 23, p., 441.

2. The risks and losses insured against, are "all losses or damage by fire," during the time of the policy, to the houses or things insured.

3. - 1. There must be an actual fire or ignition to entitle the insured to recover; it is not sufficient that there has been a great and injurious increase of heat, while nothing has taken fire, which ought not to be on fire. 4 Campb. R. 360.

4. - 2. The loss must be within the policy, that is, within the time insured. 5 T. R. 695; 1 Bos. & P. 470; 6 East, R. 571.

5. - 3. The insurers are liable not only for loss by burning, but for all damages and injuries, and reasonable charges attending the removal of articles though never touched by the fire. 1 Bell's Com. 626, 7, 5th ed.

6. Generally there is an exception in the policy, as to fire occasioned "by invasion, foreign enemy, or any military, or usurped¹⁵ power whatsoever," and in some there is a further exception of riot, tumult¹⁶, or civil commotion¹⁷. For the Construction of these provisoes, see the articles Civil Commotion and Usurped Power.