T4: Marine insurance Flashcards
when was a marine insurance law introduced?
1601
why was a marine insurance law introduced?
to regulate the market
when did people start to use marine insurance?
after 1650 - had preferred to take risk before this due to high prices
why did English merchants start to use brokers to insure ships more?
Dutch used English brokers
by what year did the Dutch use English brokers to insure their ships?
1657
how did the price of marine insurance change?
dropped by 75% over 17th century
how did the world’s first insurance market develop?
Edward Lloyd opened coffee house in 1686 - would become Lloyd’s of London
what happened at Lloyd’s of London?
merchants and ship owners would meet to exchange info about weather conditions and latest price of commoditieswh
what year did Edward Lloyd open his coffee house?
1686
what newspaper played a role in marine insurance?
City Mercury - would publish shipping announcements and advertise for insurance services from 1680s
from when did City Mercury publish shipping announcements and advertise for insurance services?
from 1680s
when did the East India Company insure their ships?
not before 1688
was marine insurance widespread?
no - not outside London
was marine insurance transformative?
partially- Italians had brought it to Britain in 15th century, but new scale in this period e.g. coffeehouses
