But, paradoxical as it may appear, there is a class of gambling which is not only considered harmless, but beneficial, and even necessary—I mean Insurance. Theoretically, it is gambling proper. You bet 2s. 6d. to £100 with your Fire Insurance; you equally bet on a Marine Insurance for the safe arrival of your ships or merchandise; and it is also gambling when you insure your life. Yet a man would be considered culpable, or at the very least, negligent and indiscreet did he not insure. Of the different kinds of Insurance or Assurance, as it is indifferently called, Marine Assurance is the oldest, so old, that no one knows when the custom began, as we see by the preamble of 43 Eliz., c. 12 (1601). “AN ACTE CONCERNINGE MATTERS OF ASSURANCES, AMONGSTE MARCHANTES. WHEREAS it ever hathe bene the Policie of this Realme by all good meanes to comforte and encourage the Merchante, therebie to advance and increase the generall wealthe of the Realme, her Majesties Customes and the strengthe of Shippinge, which Consideration is now the more requisite, because Trade and Traffique is not, at this presente, soe open as at other tymes it hathe bene; and, _whereas it hathe bene tyme out of mynde_ an usage amongste Merchantes, both of this Realme and of forraine Nacyons, when they make any greate adventure (speciallie into remote partes) to give some consideracion of Money to other persons (which commonlie are in noe small number) to have from them assurance made of their Goodes Merchandizes Ships and Things adventured, or some parte thereof, at such rates and in such sorte as the Parties assurers and the Parties assured can agree, whiche course of dealinge is commonly termed a Policie of Assurance; by meanes of whiche Policies of Assurance it comethe to passe, upon the losse or perishinge of any Shippe there followethe not the undoinge of any Man, but the losse lightethe rather easilie upon many, then heavilie upon fewe, and rather upon them that adventure not, then those that doe adventure, whereby all Merchantes, speciallie of the younger sorte, are allured to venture more willinglie and more freelie: And whereas heretofore suche Assurers have used to stand so justlie and preciselie upon their credites, as fewe or no Controversies have risen there upon, and if any have growen, the same have from tyme to tyme bene ended and ordered by certaine grave and discreete Merchantes appointed by the Lord Mayor of the Citie of London, as Men by reason of their experience fitteste to understande, and speedilie to decide those Causes; untill of late yeeres that divers persons have withdrawen themselves from that arbitrarie course, and have soughte to drawe the parties assured to seeke their moneys of everie severall Assurer, by Suites commenced in her Majesties Courtes, to their great charges and delayes: FOR REMEDIE _wher of be it enacted_,” &c.[64]