Per Lord Ellenborough in Brotherston v Barber [1816] 5 M & S 418 at p.425:
The great principle of the law of insurance is that it is a contract for indemnity. The underwriter does not stipulate, under any circumstances, to become the purchaser of the subject matter insured, it is not supposed to be in his contemplation he is to indemnify only.Read more here:http://www.caselawquotes.net/I/Indemnity_Insurance_Contracts.html
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