The poor, however, and those of small fortune, feel little of this burden, as the rich principally are concerned in the transactions above-mentioned.” [683] Fr. Jac. Bartholdi Diss. de Charta Signata; resp. P. Kolhart, Franc. 1690, cap. 2, § 16, p. 36. INSURANCE. Insurance, that excellent establishment by which losses that would entirely ruin a merchant, being divided among a company, are rendered supportable, and almost imperceptible; by which undertakings too great for one person are easily accomplished, and by which commodities brought from the most distant regions are made cheaper[684], appears not to have been known to the Romans, however near they may have come to the invention of it. If we examine closely the information from which some endeavour to prove the contrary, it will be found that it is far from sufficient to support their opinion. Puffendorf[685], Barbeyrac[686], Loccenius[687], Kulpis[688], and others, ground their assertions on a passage of Livy[689], who says, that when the Roman army in Spain was distressed for provisions, clothing and other necessaries, a company engaged to convey to them everything they stood in need of, under the stipulation that the State should make good their loss, in case their vessels should be shipwrecked by storms, or be taken by the enemy; and we are told that these terms were agreed to. This was undoubtedly a promise of indemnification, but by no means an insurance, in which it is always necessary that a premium should be given. On occasions of this kind, however, acts of fraud were practised, like those committed at present, to the prejudice of insurers. Shipwrecks were pretended to have happened which never took place; and old shattered vessels, freighted with articles of little value, were purposely sunk, and the crew saved in boats; and large sums were then demanded as a reimbursement for the loss[690]. Little more is proved by a passage of Suetonius[691], which Kulpis and others consider as affording an instance of insurance. That author tells us, that the emperor Claudius promised to indemnify merchants for their losses, if their ships should perish by storms at sea. This passage Anderson must not have read; else he would not have said that Suetonius ascribed the invention of insurance to Claudius. In Simon’s edition of Grotius, a passage is quoted from Cicero’s epistles[692] as an instance of insurance among the Romans, which seems to be more probable. Cicero says he hopes to find at Laodicea security, by means of which he can remit the money of the republic, without being exposed to any danger on its passage. The word _prædes_ may here signify insurers; but, in my opinion, this quotation ought rather to be classed among those which have been collected by Ayrer, as the first traces of bills of exchange[693].