Insurance Company v. Sea was a case heard by the United States Supreme Court in 1875. The case involved a dispute between an insurance company and a shipowner over the payment of insurance premiums. The insurance company had issued a policy to the shipowner, which provided coverage for the ship and its cargo. The policy required the shipowner to pay a premium for the coverage. The shipowner failed to pay the premium, and the insurance company refused to pay the claim when the ship and its cargo were damaged. The shipowner argued that the insurance company was obligated to pay the claim, regardless of whether the premium had been paid. The insurance company argued that the policy was void because the premium had not been paid. The Supreme Court held that the policy was valid and enforceable, and that the insurance company was obligated to pay the claim. The Court reasoned that the policy was a contract, and that the insurance company had accepted the risk of loss when it issued the policy. The Court also held that the insurance company was not entitled to a refund of the premium, as the shipowner had already received the benefit of the coverage.

In Insurance Company v. Sea, the Supreme Court was tasked with determining whether a contract between an insurance company and a ship owner for marine insurance covered losses resulting from piracy. The majority opinion held that the policy did not cover such losses because they were unforeseeable at the time of contracting and thus outside of its scope. In dissent, Justice Field argued that while it is true that pirates are usually unpredictable in their actions, this does not mean that all risks associated with them should be excluded from coverage under marine policies. He reasoned that since pirate attacks have been known to occur in certain areas throughout history, insurers should take into account these potential risks when drafting contracts so as to protect both parties involved in maritime transactions against unforeseen events like piracy or other similar acts of violence on the high seas.