The mirror., 1915-11-25
IDEAS ON MARINE INSURANCE
AN INTERESTING SUBJECT TREATED WITH
SkILLFUL BREvITY BY A Member or
OUR CHAUTAUQUA CIRCLE
By Mr.. N.


afternoon: Services performed by
Marine Insurance Compauies;'' is SO
broad and comprehensive as to put
any detailed consideration out of tn.
question in the short time allotted
to me. Marine insurance is the oldest
form of idemnity known. 1t is
generally supposed to have had it's
beginning contemporaneously with
the birth of commercial activity in
the Mediterranean, about the twelfth
century, but unfortunately, little is
known of its conduct at that time.
English authorities tell us that the
Lombards introduced marine in
surance into London during the 18th
century, and form vf policy is de-
scribed in a Florentine statute of
1900 A. D., having remarkable
resemblance to the policy which has
been in use in London since the
latter part of the 10Th. century,
when practically all of the countries
of Europe established rules and
laws for the government of marine
insurance. At that time the business
was done altogether by individuals
on what is today known as Lloyd's
plan.
Lloyd's Underwriters Association
had it's origin more than TWO hun
dred years ago; and from concern
composed of only a few men. and
one small Office. has grown. until
today. Lloyd's are known the world
over. This Association alone has
Offices in every maritime port in the
world. besides which they MAINTAIN
more than two hundred signal
stations on various coasts through
out the world. All ships passing in
sight of these stations are supposed
to signal their name, home port,
and destination; as we'll as to report
anything out of the ordinary. such
as a ship laundering, or anything
that might be menace to navig alton.
All news reaching these stations is
cabled to the home Office in London,
and it is there published in The
Shipping Gazette and Lloyd's List"
and Lloyd's Weekly Shipping In
dex." In this manner, shippers and
owners are kept informed of the
location of their ships and the pro-
gress they are making. The first
stock companies organized for the
transaction of marine insurance
business, were chartered in England
in 1920. and in America in 1892.
1t is q very interesting fact that
the development of the business of
marine underwriting in any par
ticular country has always run
parallel with the growth of its
merchant marine. Prior to the Civil
war, when the American mercantile
marine was at its zenith, the United
States had many more marine in
surance companies than England,
but with the disappearance of the
American flag from the high seas the
amount of American capital in
vested in marine insurance decreased
until in 1905 there were but three
domestic companies doing marine
business exclusively, and IL COM
panies writing marine business in
connection with other branches.
Today, owing to the anticipated
development of the American mer-
camille marine as the result of the
completion of the Panama Canal
and the general agitation on the
subject throughout the country,
there are % American companies
engaged in the marine insurance
business. 1t is also an interesting
collateral fact that most of the lead
| ing British marine Offices now in
existence were organized in the