adjustment

In Insurance. The determining of the amount of a loss by fire or marine disaster. 2 Phil. Ins. §§ 1814, 1815. ADJUVARI QU1PPE NOS, NON DECIPI, beneficio oportet. We ought to be favored, not injured, by that which is intended for our benefit. The species of bailment called "loan" must be to the advantage of the borrower, riot to his detriment. Story, Bailm. § 275. See 8 El. & Bl. 1051.

The determining of the amount of a loss. 2 Phillips, Ins. 85 1S14, 1815. To settle or bring to a satisfactory state so that parties are all agreed. Mayor of New York v. Ins. Co., 39 N. Y. 45, 100 Am. Dec. 400. There is no specific form essentially requisite to an adjustment. To render it binding, it must be intended, and understood by the parties to a policy, to be absolute and final. It may be made by indorsement on the policy, or by payment of the loss, or the acceptance of an abandonment; 4 Burr. 1966; 1 Campb. 134, 274; Barlow v. Ins. Co., 4 Mete. (Mass.) 270; Reynolds v. Ins. Co., 22 Pick. (Mass.) 191, 33 Am. Dec. 727. It must be made with full knowledge of all the facts material to the right of the insured to recover, and the adjustment can be lmpeai bed only for fraud or mistake of such material fact; Remington v. Ins. Co.. It R. I. i'!T. If there is fraud by either party to an adjustment, it does not hind the other; Tangier v. Hallett, 2 Johns, (as. i\. V.) 233; 3 Campb. 319. If one party is led into a material mistake of fact by fault of the other, the adjustment will not bind him; 2 Mast 469; Elting v. Scott, 2 Johns. (N. Y.) 157; Faugier v. Hallett, 2 Johns. Cas. (X. Y.) L'.;.:. It is a sufficient adjustment if the party states the loss; Fame Ins. Co. v. "Norris, IS 111. App. 570. See Insurable Interest; Abandonment; Insurance; Policy.

The settlement of a loss under a policy of insurance; the ascertainment, i. e., of the amount to be paid, and its apportionment among the insurers.

In the law of insurance, the adjustment of a loss is the ascertainment of its amount and the ratable distribution of if among those liable to pay it; the settling and ascertaining the amount of the indemnity which the assured, after all alportion which each underwriter is liable to pay. Marsh. Ins, (4th ld.) 499; 2 Phil. Ins. $§ 1814, 1815. Adjuvari quippe nos, non decipi, beneficio oportet. We ought to be favored, not injured, by that which is intended for our benefit. (The species of bailment called “loan” must be to the advantage of the borrower, notto his detriment.) Story, Bail. § 275. See 8 EL & Bi 1051.

The termination, division, and settlement of a loss under a marine insurance policy.

In marine insurance. The adjustment of a loss is the settling and ascertaining the amount of the indemnity which the assured, after all allowances and deductions are made, is entitled to receive under the policy, and fixing the proportion which each underwriter is liable to pay: a kind 'of account stated, or agreement between the parties, as to what the particular average, or partial loss shall amount to. Smith's Merc. Law, 244. 2 Arckb, N, Prius, 200. 8 Kent's Com, 242, 386.

tn maritime law; the adjustment of a Joss is the settling and ascertaining the amount of the indemnity which the insured, after all proper allowances and deductions have been made, is entitled to receive, and the proportion of this, which each underwriter is_liable to pay, under the policy. Marsh. Ins. B. 1, c. 14, p. 617; or it isa written admission of the amounts of the loss as settled between the parties to a policy of insurance. 3 Stark. Ev. 1167, 8. In adjusting a loss, the first thing. to be considered is, how the quantity of damages for which the underwriters are liable, shall be ascertained. When a loss is a total loss, and the insured decides to abandon, he must give notice of this to the underwriters in a reasonable time, otherwise he will waive his right to abandon, and must be content to claim only for a partial loss. Marsh. Ins. B. 1, c. 13, s. 2; 15 East, 559; 1 T. R. 608; 9 East, 283; 13 East, 304; 6 Taunt. 383. When the loss is admitted to be total, and the policy is a valued one, the insured is entitled to receive the whole sum insured, subject to such deductions as may have been agreed by the policy to be made in case of loss. The quantity of damages being known, the next point to be settled is by what rule this shall be appreciated. The price of a thing does not always afford a true criterion to ascertain its true value. It may have been bought very dear or very cheap. The circumstance of time and place cause a continual variation in the price of things. For this reason, in cases of general average, the things saved contribute not according to prime cost, but according to the price for which they may be sold at the time of settling the averp- 621; Laws of Wisbny, art. 20; Laws of Oleron, art. 8; this Dict. tit. Price. Andsee 4 Dall. 430; 1 Caines’s R. 80; 2 8S. & R. 2293 2 S. & R. 257, 258.: An adjustment being endorsed on the policy, and signed by the underwriters, with the promise to pay in a given time, is prima facie evidence against them, and amounts to an admission of all the facts necessary to be proved by the insured to entitle him to recover in an action on the policy. It is like a note of hand, and being proved the insured has no occasion to go into proof of any other circumstances. Marsh. Ins. B. 1, c. 14, s. 3, p. 632; 3 Stark. Ev. 1167, 8; Park, ch. 4; Wesk. Ins. 8; Beaw. Lex Mer. 310; Com. Dig. Merchant, E 9; Abbott on Shipp. 346 to 348.