Download Marine Insurance: Origins and Institutions, 1300–1850 by Adrian Leonard PDF

By Adrian Leonard

ISBN-10: 1137411384

ISBN-13: 9781137411389

ISBN-10: 1349565849

ISBN-13: 9781349565849

Given that its invention in Italy within the fourteenth century, marine coverage has supplied retailers with capital defense in instances of hindrance, hence oiling the gears of exchange and trade. With a spotlight on customs, legislation, and organisational buildings, this publication unearths the Italian origins of marine assurance, and tracks the unfold of underwriting practices and associations in Europe and the US throughout the early sleek period. With contributions from 11 best researchers from seven nations, the e-book examines key institutional advancements within the historical past of marine assurance. The authors talk about its invention in Italy, and its evolution from deepest to company buildings, assessing the factors and affects of varied nation interventions. Amsterdam and Antwerp are analysed as one-time key centres of underwriting, as is the emergence and adulthood of marine assurance in London. The booklet evaluates an test in company underwriting in Cadiz, and the advance of assurance associations within the usa, prior to utilizing the metrics of underwriting to debate trade raiding within the Atlantic as much as the 19th century.

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Extra resources for Marine Insurance: Origins and Institutions, 1300–1850

Sample text

24 A particularly interesting example of the application of this new form of contract is a deed drawn up by Maggiolo on 15 September 1393. It confirms several new features of the quickly evolving Genoese insurance market. The subject of the insurance was a cargo of goods valued at one thousand gold florins, which was to be shipped from Aigues Mortes to Ephesus (Rhodes). Owing to the large sum of money involved, ten individuals – eight from Genoa and two from Florence – shared in the risk. Each made the pretence of buying an equal share of the goods, Luisa Piccinno 33 together with their actual owner, Federico Vivaldi.

Previously imposed constraints were lifted, such as the 1408 ban on insuring foreign vessels and those sailing a Cadexe ultra versus mare oceanum. From 1434, brokers and the contracts they effected were fully recognised. 48 The institution-building achievements in the area of insurance regulation made by the Genoese and other Italian merchant communities in the middle ages were incomplete. 49 Their Ordinances on marine insurance, issued between 1435 and 1448, constituted legislation informed by customary practice, unwritten rules, and experience acquired over roughly 150 years since insurance was first underwritten.

Most often, however, others participated with him, usually taking shares below 100 florins, but in two cases up to 500 florins. His signings peaked in winter months (189 contracts out of 367), when a slight increase in insurance demand can be observed, due to worse seasonal weather and sea conditions. Routes insured were diverse, typically departing from Genoa to reach other Tyrrhenian ports, as well as destinations in France, Spain, the Atlantic, the eastern Mediterranean, and North Africa. Voyages which did not touch at Genoa were sometimes covered, for example between Bruges and Naples, Bruges and Chios, or Southampton and Malaga.

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