Marine Insurance
the most Even in the days of antiquity it was cusancient form of insurance against loss. against loss. tomary for merchants to discount their chances of successful voyages with their the Middle Ages, begin- 1 MARINE INSURANCE ning in the 13th century, it was practiced in a similar manner by Portuguese and Flemish shipowners and merchants.
England, which now leads all other countries in this form of enterprise, began the practice of insurance against the loss of shipping in the 16th century. Notable in the history of marine insurance was the formation of Lloyd's Association, in London (ap. 1688), incorporated by Act of Parliament in 1871, an insurance underwriters' exchange, which has become especially famous on account of its extensive and accurate system of reporting MARINETTE sels long overdue, when underwriters are sometimes willing to chance the possibility that it has simply been delayed by adverse winds.