POLICE JURY. In Louisiana this name is given. to certain officers who collectively exercise jurisdiction¹ in certain cases of police as levying² taxes, regulating roads,

POLICY OF INSURANCE, contracts. An instrument in writing by which the contract of insurance is effected and reduced into form.

2. The term policy of insurance, or as surance, as it is sometimes called, is derived³ from the Italian di olizza di assecurazione, or di securanza, or securta; and in that language signifies a tote or bill of security or indemnity⁴.

3. The policy is always considered as being made upon an executed consideration, namely, the payment or security for the payment of the premium⁵, and contains only the promise of the underwriters, without anything in nature of a counter promise on the part of the insured. The policy may be effected by the owner of the property insured, his broker⁶ or agent.

4. As to its form, the policy has been considered in courts of law as an absurd and incoherent instrument; 4 T. R. 210; but courts of justice have always construed⁷ it according to the intention of the parties, and so that the indemnity of the insured, dud the advancement⁸ of trade, which are ,the great objects of insurance, may be attained⁹. It should contain, 1. The names of the parties. 2. The name of the vessel¹⁰ insured, in order to identify it; but to prevent the ill consequence that might result from a mistake in the name of the vessel or master, there are usually inserted in policies these words, " or by whatsoever¹¹ name or names the same ship or the master thereof is, or shall be, named or called." 3. A Specification¹² of the subject-matter, of the insurance, whether it be goods, ship, freight, respondentia or bottomry securities, or other things. Marsh¹³. Ins. 315; 3 Mass. Rep. 476. 4. A description of the voyage, with the commencement and end of the risk. 5. A statement of the perils¹⁴ insured against. 6. A power in the insured tosave goods in case of misfortune, without violating the policy. 7. The promise of the insurers, and an acknowledgment of their receipt of the premium. 8. The common memorandum¹⁵. 9. The date and subscription¹⁶.

5. Policies, with reference to the reality of the interest insured, are distinguished¹⁷ into interest and wager¹⁸ policies; with reference to the amount of interest, into open and valued.

6. An interest policy, is where the insured has a real, substantial, assignable interest in the thing insured; in which case only it is a contract of indemnity.

7. A wager policy, is a pretended insurance, founded on an ideal risk, where the insured has no interest in the thing insured, and can therefore sustain no loss, by the happening of any of the misfortunes insured against. These policies are strongly reprobated. 3 Kent, Com. 225.

8. An open policy, is where the amount of the interest of the insured is not fixed¹⁹ by the policy; but is left to be ascertained²⁰ by the insured in case a loss shall happen.

9. A valued policy, is where a value has been set on the ship. or goods insured, and this value inserted in the policy in the nature of liquidated²¹ damages, to save the necessity of proving it in case of loss. Marsh. Ins. 287; and see Kent, Com. Lecture 48; Marsh. Ins. ch. 8; 16 Vin. Ab. 402; 1 Supp. to Ves. jr. 305; Park. Ins. 1, 14; Westcott, Ins. 400; Pardes. h. t.; Poth. h. t.; Boulay Paty, h. t.; Bouv. Inst. Index, h. t.