The Meta-Encyclopedia

Marine Insurance

Collier's New Encyclopedia (1921)

the most Even in the days of antiquity it was cusancient form of insurance against loss. tomary for merchants to discount their chances of successful voyages with their colleagues. In the Middle Ages, beginning 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 1 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 ① ③ 189 SD short 9 ⑧ ⑦ 1. Major-General Commandant 5. Captain 2. Brigadier-General 3. Colonel 4. Lieut.-Colonel (Silver Leaf); 7. Corps Insignia Major (Gold Leaf) 8. Drum Major the movement of world shipping. In the United States the first corporation to take up marine insurance was the Insurance Company of North America, established in 1825. A new development in marine insurance was the action of the United States Government when it, after the outbreak of the World War, in 1914, undertook to assume such risks as were refused by the private underwriters, through an Act of Congress, signed on Aug. 19, 1914. This War Risk Bureau, under the jurisdiction of the Treasury Department, granted granted policies to American vessels entering within the war zone. Congress granted it an appropriation of $5,000,000 with which to begin its operation. Policies on shipping are usually for voyages, though in some cases time policies are also granted. Often additional insurance may be taken out on ships already lost, as in the case of vessels long overdue, when underwriters are sometimes willing to chance the possibility that it has simply been delayed by adverse winds.