Boag v Standard Marine Insurance Co Ltd    Insurance – Payment as for total loss – Salvage – Subrogation – Contribution to underwriters
of excess value policies.
A cargo carried on a certain steamer was insured under an ordinary policy, and also under an
excess value policy. The steamer was stranded and both insurers paid for a total loss and took
a letter of subrogation from the owners. Under the ordinary policy a sum of £685 was paid.
On a general average adjustment being made £532 4s 8d was agreed as the sum arising as
salvage to be received by the owners. This sum was claimed by the insurers under the
ordinary policy, but the underwriters of the excess value policy claimed to share rateably in
the salvage:—