Marine insurance policies are classified as interest or wager policies, valued or open, and time or voyage.

An interest policy is one where the insurer has a substantial interest in the property insured.

A wager policy is one by the terms of which the question of interest in the insurer is waived. Such a contract was good under the common law,6 but this has been changed by statutes.7 The mere waiving of the question of interest, however, will not make a contract a wager one in this country, when the insurer actually has an insurable interest in the policy.8

A valued policy is one where the value of the property is agreed upon in the contract;9 an open policy is one where the value of the subject-matter is left open to be determined after loss.10

4 Sadlers Co. vs. Babcock, 2 Atl., 554; 26 Eng. Reprint, 733. 5 Boston Ins. Co. vs. Globe F. Ins.

Co., 174 Mass., 229; 54 N. E.

Rep., 543; Mannheim Ins. Co.

vs. Hollander, 112 Fed., 549. 6 Sadlers Co. vs. Babcock, 2 Q.

B., 724.

7 See Statutes of Various States.

8 Amory vs. Gilman, 2 Mass., 1.

9 Williams vs. Continental Ins.

Co., 24 Fed., 767. 10 Ogden vs. Columbia Ins. Co., 10

Johns (N. Y.), 273.

A time policy is one which is to continue for a certain period; a voyage policy is one which is to continue through a certain voyage.