In the case of Commercial Casualty Insurance Company v. Consolidated Stone Company, the Supreme Court in 1928 was tasked with determining whether an insurance company could be held liable for damages caused by a truck it insured that was involved in an accident while being operated without permission from its owner. The court ruled that the insurance policy did not cover such instances and thus, Commercial Casualty Insurance Company was not responsible for paying any damages related to this incident. This decision established a precedent regarding liability coverage under automobile insurance policies; specifically, insurers are only obligated to pay claims if vehicles are used with consent from their owners at the time of accidents causing damage or injury.

In the dissenting opinion for Commercial Casualty Insurance Company v. Consolidated Stone Company, Justice Holmes argued that the insurance company should not be held liable for damages caused by an explosion at a quarry owned by Consolidated Stone. He reasoned that the policy in question specifically excluded liability coverage for damage resulting from blasting operations and thus, it was unreasonable to expect the insurer to cover such losses. Furthermore, he contended that even if there were ambiguities in the contract language regarding exclusions of coverage, these should be resolved against Consolidated Stone as they had drafted and proposed this particular clause themselves. Therefore, according to Justice Holmes' interpretation of contractual law principles and specific terms of this insurance agreement, Commercial Casualty Insurance Company should not bear financial responsibility for blast-related damages incurred by their insured party - Consolidated Stone Co.