Year: 1897

page_text: HENRY DAVIES 55 Porthkerry Road Barry Glam. do hereby declare the nature
of this invention to be as follows:-
This system of assurance is applied in such a manner as to cover partly or entirely
which is effected in
the risk or contingency of Insolvency and Bankruptcy
following manner. Policies are issued assuring to the assured or his Creditors any
amount that is stipulated, from one shilling in the pound to complete payment of all
amounts due. Policies are also issued securing to the debtor through the agency
of his wife or other relative or friend a sufficient or agreed amount to cover the value
of his furniture or other effects-All policies are issued subject to the payment of
premiums at such times and of such amount as may be agreed and contain all
necessary clauses and provisions to secure the assurer and the assured from fraud-
The former class of policies have the effect of giving confidence to Creditors and
improving the credit facilities of Debtors. The latter class of policies will save
numberless homes from being broken up and avoid the constant anxiety arising from
the dread of such a contingency.
ليمن
CT
1907
I HENRY DAVIES 55 Porthkerry Road Barry Nr Cardiff Contractor do hereby
declare the nature of this invention and in what manner the same is to be performed,
to be particularly described and ascertained in and by the following statement :-
This process method or system of Assurance is intended to piace persons giving
and receiving credit, partly or entirely in a more secure relationship to each other
than that which now obtains-to lessen the risks and contingencies to which every
person giving credit is subject and by providing a reliable security enable such per-
sons safely to extend greater facilities to those with whom they have lawful business
transactions to enable persons requiring credit to purchase in the best markets and
receive such amount of credit as shall fully meet their business neeessities, the liinit
of such credit being only bounded by their failure to assure the amount desired-to
remove the ever present anxiety which presses on the entire commercial classes
caused by fear of, and constant struggles against failure and commercial disaster-to
lessen the number of Estates now forced into the Bankruptcy Court either by the
greed or obstinacy of one or more creditors-the ignorance or stupidity of the debtor
1

page_text: or by the rapacity of those into whose hands the affairs may fall and, by making the
partial or full payment of debts a matter of contract reduce to a large extent the enor-
mous annual loss which falls upon creditors through the intervention of officialism
and its army of followers-to provide against the necessty of borrowing money at
heavy charges to meet fixed payments, for if the Creditor knows he is ultimately
secure he will the more readily assist through a temporary pressure--to secure to the
debtor in the event of failure any amount sufficient to cover the value of his furniture
or other effects through the agency of a third party.
The above are some of the advantages this system of assurance seeks to attain,
many others will certainly become apparent as the system is practically worked out.
My plan of working the system is as follows. Agreements Policies or Contracts
are issued upon payment of a Premium mutually agreed upon by persons requiring
Assurance for the payment of any amounts in which they may be indebted to other
persons and this assurance may be for the whole or any part of their indebtedness-
specifically indicated or for a specific sum in favour of one person or firm or for an
agreed amount as a floating security iu relation to their gross indebtedness or for an
agreed amount as a floating security in favor of one person or firm or for the pay-
ment of any specified dividend or amount in the pound (£) from one shilling up-
wards as agreed, or for the assuring of the complete fullfilment of any Contract legally
entered into.
The assuring for the payment of his debts partially or entirely is the act and deed
of the person who is the debtor who assures himself in the same way in which he in-
sures his life or against Fire, accident or any other contingency. The Agreement
Policy or Contract may however be assigned by the agreement and endorsation of
the assurers in favor of any person to whom the assured may be indebted at the
time of issue of Policy to the amount indicated on the policy or any portion thereof.
These agreements Policies or Contracts having to provide for many individual
circumstances and many varying conditions of persons shall subject to the main
purpose of this system of assurance as set forth in the Eight Claims at the end of
this specification contain such clauses and terms as may mutually be agreed upon
between the persons concerned and shall be subject to such Conditions and Premiums
as they shall mutually approve.
Under these agreements Policies or Contracts the Assurer would only be liable
to pay the difference between the value of the assured's assets--in
Insolvency or Bankruptcy-and the amounts assured.
case of

page_text: amount to cover the open Credit given to any person or to insure the fulfillment of
any contract subject to all such Clauses and Stipulations as may be Mutually
agreed.
The universal adoption of my scheme would revolutionize the present unsatisfactory
system of credit as now carried on and make the trading Community much more
free and independent, reduce the pressure anxiety and worry of business, minimise
the terrible loss and waste annually involved in winding up Estates and place the
whole commercial interests of the country on & surer and firmer basis. The
Clauses to be introduced into the Agreements Policies or Contracts are to be such as
shall be mutually agreed upon having reference to the particular requirements of
each transaction, the various commercial positions of the assured, the nature of
risk undertaken, the amount of Premium, the time to be covered by the Policy, the
incidence of Insolvency or Bankruptcy, the power of the assurer to take up the
whole Estate upon payment of the amount or amounts assured and deal with it or
otherwise as may be agreed and any further stipulations which may appear to be
desirable or necessary to insure and safeguard the interests of both parties to the
contract.
Having now particularly described and ascertained the nature of my said
invention and in what manner the same is to be performed I declare that what I
claim is
1. The method, process or system of issuing agreements policies or contracts by
which debtors may themselves assure the payment of the whole of their liabilities
up to any amount specified.
2. The method process or system of issuing agreements, policies or contracts by
which debtors may themselves secure the payment of any sum in the £(pound)
from one shilling upwards as desired with or without the intervention of the Court
of Bankruptcy.
3. The method process or system of issuing agreements, policies or contracts by
which debtors may themselves assure the payment of any sum involved in any specific
monetary transaction, the nature and amount of which is to be distinctly set forth.
4. The method process or system of issuing agreements policies or contracts by
which debtors may themselves assure the payment of any specific sum as a floating
security in the proportion they may desire in relation to their entire indebtedness.
5. The method process or system of issuing agreements policies or contracts by
which creditors may assure payment of any specific monetary transaction with their
debtors or any given amount to cover the open or current credit given to any person
or persons.
6. The method process or system of issuing agreements policies or contracts by
which any third person may assure any sum sufficient to cover the value of furniture
or other effects belonging to a debtor in the event of his becoming insolvent or
Bankrupt.
7. The method process or system of issuing agreements policies or contracts by
which any person undertaking a contract may assure the due fulfillment of the same.
8. The introduction into the agreements policies or contracts as above described
of clauses and stipulations suitable to their nature and requirements substantially as
and for the purpose described.