Macaura v Northern Assurance Co Ltd
[1925] AC 619
Ratio Decidendi
A shareholder has no insurable interest in the assets of the company, because the company is a separate legal person. Even a sole shareholder does not own the company's assets — they own shares in the company.
Fapte
Mr Macaura owned a timber estate. He transferred the timber to a company in which he was the sole shareholder and sole creditor. He insured the timber in his own name. The timber was destroyed by fire and he claimed on the insurance.
Rezumatul hotărârii
The House of Lords held that Mr Macaura had no insurable interest in the timber because it belonged to the company, not to him personally. As a shareholder, he owned shares — not the company's assets. The principle of separate legal personality from Salomon v Salomon applied.
Citate cheie
"No shareholder has any right to any item of property owned by the company, for he has no legal or equitable interest therein."
— Lord Buckmaster
Tratament ulterior
Consistently applied as an illustration of the Salomon principle and the separation between shareholder and company property.