Annals, Anecdotes and Legends: A Chronicle of Life Assurance — John Shaqi
Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
Each of the companies thus established had power to purchase lands
to the value of 1000_l._ yearly. No person could be a director of
the London Assurance and Royal Exchange at the same time. Each
corporation was to pay 300,000_l._ for its charter; but though this
was a chief condition, the difficulties into which they fell induced
the government, when life assurance was added to that of marine and
fire in 1721, to absolve the proprietors from paying such amount of the
300,000_l._ as remained unpaid.
The following is the most correct list which can be obtained of the
assurance projects of the South Sea bubble era:--
1. The Royal Exchange.
2. The London Assurance.
3. For a general insurance on houses and merchandise, at the Three
Tuns, Swithin’s Alley, 2,000,000_l._
4. For granting annuities by way of survivorship, and providing for
widows, orphans, &c., at the Rainbow, Cornhill, 1,200,000_l._
5. For insuring houses and goods from fire, at Sadler’s Hall,
2,000,000_l._
6. For insuring houses and goods in Ireland, with an English earl at
the head of it.
7. For securing goods and houses from fire, at the Swan and Rummer,
2,000,000_l._
8. Friendly society for insurances.
9. For insuring ships and merchandise, at the Marine Coffee-house,
2,000,000_l._
10. British Insurance Company.
11. For preventing and suppressing thieves and robbers, and for
insuring all persons’ goods from the same, at Cooper’s, 2,000,000_l._
12. Shales’s Insurance Company.
13. For insuring seamen’s wages, Sam’s Coffee-house.
14. Insurance Office for horses dying natural deaths, stolen, or
disabled, Crown Tavern, Smithfield.
15. A company for the insurance of debts.
16. A rival to the above for 2,000,000_l._, at Robin’s.
17. Insurance Office for all masters and mistresses against losses they
shall sustain by servants, thefts, &c., 3000 shares of 1000_l._ each,
Devil Tavern.
18. For a general insurance in any part of England.
19. A copartnership for insuring and increasing children’s fortunes,
Fountain Tavern.
20. For carrying on a general insurance from losses by fire within the
kingdom.
21. Insurance from loss by Garraway’s Fishery, Crutchley’s, at
Jonathan’s Coffee-house.
22. Mutual Insurance for Ships.
23. Symon’s Assurance on Lives.
24. Baker’s second edition of Insurance on Lives.
25. William Helmes, Exchange Alley, Assurance of Female Chastity.
26. Insurance from house-breakers.
27. Insurance from highwaymen.
28. Assurance from lying.
29. Plummer and Petty’s Insurance from death by drinking Geneva.
30. Rum Insurance.
Public-domain text, read in full here on John Shaqi.
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