LIVE ARTICLES ON MARINE INSURANCE A Series of Articles Reprinted from The Weekly Underwriter 1917-1918 PRICE $1.05 U.VA. DEC 1 2 1989 LAW LIBRARY The Underwriter Copyright 1918, by The Underwriter Printing and Publishing Company OCEANS FOREWORD. This volume, like the Live Articles series on fire and liability insurance, is made up of articles reprinted from THE WEEKLY UNDERWRITER, which for the past year has contained at least one article on marine insurance each issue. The articles are by men who speak with authority, whose word is the last word, each in his respective line. The articles have met with a growing appreciation and with a general commendation that is distinctly encouraging, and it is hoped that in this their collected form, by fulfilling a real demand, they will meet with a real success. CONTENTS. PAGE 5 Concrete Ships and Yards, by A. G. Monks Marine Coverage Broad, by Joseph A. O'Brien Marine Hull Insurance, by Benjamin Rush Fire Risk on Vessels, by Samuel D. McComb Extinguishing Fire on Shipboard, by Chief E. J. Shallow Open Policies and Special Contracts, by Joseph A. O'Brien Market Value Changes, by Joseph A. O'Brien. THE OLDEST FORM OF By J. B. Levison. President Fireman's Fund of California An Address Delivered Before the Board of Fire Underwriters of the Pacific As many of you doubtless know, marine insurance is the very oldest form, and, in fact, the only ancient form of indemnity. History tells us that as far back as 800 B.C. the Rhodians had something of the nature of marine insurance, and they are generally credited with having been responsible for certain features, at all events, of marine insurance as we know it to-day. About the twelfth century, when the commercial activity in the Mediterranean began to show itself, marine insurance played quite an important part in the trading between individuals. As a matter of fact, the whole development of marine insurance is allied, naturally, very closely to the birth and development of commerce and trade. From 1200 to 1600 A.D. was, it might be said, the constructive period and about the thirteenth century the Lombards introduced marine insurance into London; in fact, the present policy known as "Lloyd's policy" bears a very striking resemblance to a Florentine statute describing a form of policy which was dated about 1500. In those days in London, the socalled "coffee house" occupied rather a unique position in the commercial world, being a sort of meeting place for merchants, shipowners and masters. From these coffee houses subsequently developed the Shipping Exchange or Bourse over the entire continent. One of the best known coffee houses in London at that time was kept by a man by the name of Lloyd, and was known as Lloyd's coffee house. Shippers, merchants and captains used to meet in this place, which during the last half of the seventeenth century became a very well known rendezvous for all persons connected with shipping. Lists were kept, giving the particulars of vessels, their age, construction, ownership, etc., as well as a record of their voyages. Finally a plan of mutual insurance was adopted by which, for an agreed compensation, the individuals would guarantee each other against loss. Lloyd appears to have been an enterprising man and at last, probably by way of publicity and as an attraction for his coffee house, started in 1696 the publication of a weekly shipping and commercial paper called |