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Cargo Insurance Slide Notes HISTORY AND STORY OF INSURANCE = 3000 BC (China's nvers) « Babylonia (2100 BC) - bottomry » Greeks, Indians, Phoenicians (700 BC) - general averago « Danes (11", 127 cent ) - guilds | - Oldest manne policy - 1384 1R « Lloyd's of London (1688)- Lloyd's List (1734) Intenor of Lioyd's of London Bntish Manne Insurance Act (1906) Bill C-97, Canadian Manne Insurance Act (1993) e —— S — Explain: Marine Insurance is as old as marine trade and has existed in various forms dating back to 3000 BC. Early merchants trading on China’s rivers practised a form of loss control by . . — loss, It is in the ancient civilization of Babylonia, however, that we find the earliest record of insurance in the form of “bottomry.” The Code of Hammurabi (c. 2100 BC) sets bottomry, or The role of By 1255 the Merchant State of Venice had embodied the principles of mutual insurance against the loss of pillage through contribution. These basic concepts of marine insurance were brought by the Lombards to northern Europe and England in the 13th century. By the 17th century, London, with the emergence of the Lloyd’s of London Association, had developed into a leading centre for marine insurance. The well-known Lloyd’s of London traces its roots to a coffee shop founded by Samuel Lioyd in 1688 and was favoured as a meeting place for the transaction of insurance business among underwriters and merchants. By 1734, the official list of vessels and values known as the “Lloyd's List” was first published. More than 250 years later, it continues to serve as the leading shipping list in the marine insurance industry. In 1769, underwriters took their informal arrangement and founded the organization we know today as Lloyd’s of London. in 1906, British Parliament enacted the Marine Insurance Act. This legislation was embodied in one form or another in most Canadian provinces and influenced marine insurance policy wording and conditions, as well as the 1993 Bill C-97. the Canadian Marine Insurance Act. 130|Page