England -- Social life and customs; Gambling -- Great Britain
The Oldest Policy of Assurance I have been able to find is mentioned
in the 6th Report of the Royal Commission on Historical MSS., where
it is catalogued “1604. A Charter partie, An Assurance of fish from
Newfoundland.”[65]
Mr F. Martin, who wrote an exhaustive book on the _History of Lloyd’s
and Marine Insurance_, says: “The earliest English policy of marine
insurance, which we have been able to discover, bears date 1613,
and though not a document issued actually by underwriters, but, to
all appearances, a copy made for legal purposes, with some lawyer’s
notes attached, may be found historically interesting. The discovery
was—with others subsequently to be referred to—the result of long
and laborious researches among the, as yet, only partly known literary
treasures of the Bodleian Library at Oxford. The original is among
the Tanner manuscripts, numbered 74, fo. 32, and the manuscript is
endorsed, ‘Mr Morris Abbott’s pollesye of Assurance dated the 15 of
ffebruary 1613, 11 Jacobi.’”
A very old policy hangs, framed and glazed, on the wall of the
Committee Room at Lloyds, dated 20th Jan. 1680, and it is for
£1200—£200 on the ship and £1000 on the goods. The ship was the
_Golden Fleece_, the voyage from Lisbon to Venice, and the premium was
£4 per cent.!
Underwriting marine risks was in private hands, and although the
underwriters had, some of them, offices of their own, most of the
business seems to have been done at Coffee Houses, such as Hain’s,
Garraway’s, or Good’s; and there was also a central office at the Royal
Exchange, as is shown by several early advertisements, one of which is
the following, from the _City Mercury_, No. 255 (1680):
“Whereas Mr Daniel Parrot caused a Politie to be made Septemb. 28
last, on the _Charles of Plymouth_, from Newfoundland to Cadiz, which
is subscribed by several Insurers, and the Politie lost, and a new
Politie made: It is desired that all persons that have subscribed the
Politie would come into the Insurance Office, and subscribe the new
Politie, that it may be known who the Insurers are; and if any one has
found the old Politie, they are desired to bring it to Mr Tho. Astley,
at the Insurance Office on the Royal Exchange, and they shall be well
rewarded.”
Public-domain text, read in full here on John Shaqi.
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