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Gaisano Cagayan vs Insurance Co of North America [G.R. No. 147839 une 8!

"##$% Facts: Intercapitol Marketing Corporation (IMC) is the maker of Wrangler Blue Jeans. Levi trauss (!hils.) Inc. (L !I) is the local "istri#utor of pro"ucts #earing tra"emarks o$ne" #% Levi trauss & Co.. IMC an" L !I separatel% o#taine" from respon"ent fire insurance policies $ith #ook "e#t en"orsements. 'he insurance policies provi"e for coverage on (#ook "e#ts in connection $ith rea"%)ma"e clothing materials $hich have #een sol" or "elivere" to various customers an" "ealers of the Insure" an%$here in the !hilippines.( 'he policies "efine" #ook "e#ts as the (unpai" account still appearing in the Book of *ccount of the Insure" +, "a%s after the time of the loss covere" un"er this !olic%.( !etitioner is a customer an" "ealer of the pro"ucts of IMC an" L !I. -n Fe#ruar% .,/ 0110/ the 2aisano uperstore Comple3 in Caga%an "e -ro Cit%/ o$ne" #% petitioner/ $as consume" #% fire. Inclu"e" in the items lost or "estro%e" in the fire $ere stocks of rea"%)ma"e clothing materials sol" an" "elivere" #% IMC an" L !I. -n Fe#ruar% +/ 011./ respon"ent file" a complaint for "amages against petitioner. It alleges that IMC an" L !I file" $ith respon"ent their claims un"er their respective fire insurance policies $ith #ook "e#t en"orsements4 that as of Fe#ruar% .,/ 0110/ the unpai" accounts of petitioner on the sale an" "eliver% of rea"%)ma"e clothing materials $ith IMC $as !./001/.5,.55 $hile $ith L !I it $as !,6,/706.554 that respon"ent pai" the claims of IMC an" L !I an"/ #% virtue thereof/ respon"ent $as su#rogate" to their rights against petitioner4 that respon"ent ma"e several "eman"s for pa%ment upon petitioner #ut these $ent unhee"e". Issue: Whether or not IMC an" L !I have an insura#le interest over the goo"s. 8uling: 9es. IMC an" L !I "i" not lose complete interest over the goo"s. 'he% have an insura#le interest until full pa%ment of the value of the "elivere" goo"s. :nlike the civil la$ concept of res perit "omino/ $here o$nership is the #asis for consi"eration of $ho #ears the risk of loss/ in propert% insurance/ one;s interest is not "etermine" #% concept of title/ #ut $hether insure" has su#stantial economic interest in the propert%. ection 06 of our Insurance Co"e "efines insura#le interest as (ever% interest in propert%/ $hether real or personal/ or an% relation thereto/ or lia#ilit% in respect thereof/ of such nature that a contemplate" peril might "irectl% "amnif% the insure".( !arentheticall%/ un"er ection 0+ of the same Co"e/ an insura#le interest in propert% ma% consist in: (a) an e3isting interest4 (#) an inchoate interest foun"e" on e3isting interest4 or (c) an e3pectanc%/ couple" $ith an e3isting interest in that out of $hich the e3pectanc% arises. 'herefore/ an insura#le interest in propert% "oes not necessaril% impl% a propert% interest in/ or a lien upon/ or possession of/ the su#<ect matter of the insurance/ an" neither the title nor a #eneficial interest is re=uisite to the e3istence of such an interest/ it is sufficient that the insure" is so situate" $ith reference to the propert% that he $oul" #e lia#le to loss shoul" it #e in<ure" or "estro%e" #% the peril against $hich it is insure". *n%one has an insura#le interest in propert% $ho "erives a #enefit from its e3istence or $oul" suffer loss from its "estruction. In"ee"/ a ven"or or seller retains an insura#le interest in the propert% sol" so long as he has an% interest therein/ in other $or"s/ so long as he $oul" suffer #% its "estruction/ as $here he has a ven"or;s lien.60 In this case/ the insura#le interest of IMC an" L !I pertain to the unpai" accounts appearing in their Books of *ccount +, "a%s after the time of the loss covere" #% the policies.

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