Insurance Company v. Piaggio was a case heard by the United States Supreme Court in 1872. The case involved a dispute between an insurance company and a shipowner over the terms of a marine insurance policy. The insurance company had issued a policy to the shipowner, covering the ship and its cargo, for a voyage from Genoa, Italy to New York. The policy contained a clause that stated that the insurance company would not be liable for any losses caused by the negligence of the shipowner or its agents. The shipowner sued the insurance company after the ship and its cargo were lost at sea. The shipowner argued that the insurance company was liable for the losses, despite the negligence clause in the policy. The Supreme Court disagreed, ruling that the negligence clause was valid and enforceable. The Court held that the insurance company was not liable for the losses, as the negligence clause in the policy clearly stated that the insurance company would not be liable for any losses caused by the negligence of the shipowner or its agents.

In Insurance Company v. Piaggio, the Supreme Court was tasked with determining whether a policy of insurance covered an incident involving a ship and its cargo that had been damaged by fire while in transit. The majority opinion held that the policy did not cover such damages because it only applied to losses caused by "perils of the sea," which did not include fires on board ships. However, Justice Field dissented from this decision, arguing that there were ambiguities in the language of the policy itself and thus it should be interpreted broadly so as to provide coverage for any loss suffered during transit regardless of cause. He further argued that if insurers wished to limit their liability they should have used clearer language when drafting their policies instead of relying on ambiguous terms like “perils” or “accidents."