| Summary: | On a report reaching them that a riverboat full of goods owned by Shepherd had been lost and the crew drowned, Sawyer offered Shepherd insurance at a 2.5% premium on the life of Jacob, a slave in the boat's crew. Shepherd accepted and paid the fee agreed. When the boat's loss was confirmed, Shepherd tried to claim; but Sawyer refused to pay out on discovering that Shepherd had no material interest in Jacob other than the insurance. Shepherd then sued to recover. The court determined that nothing in law prohibited agreements such as the one in dispute, and therefore that Shepherd was entitled to his payment.
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