Welcome to the Marine Knowledge Base Library. This collection of short articles has been developed to provide some interesting and factual anecdotes about Insurance and in particular, Marine Insurance.
The Phoenicians, early Greeks and the Romans recognised the need to protect their investments sent via sea. However, it was in the northern city states of Italy that transactions recognisable as contracts of insurance developed. These transactions recorded the transfer of risk from the cargo or ship property owner to another party in return for a non-refundable fee. This practice spread to Northern Europe and was introduced into England by Italian merchants. London developed as a centre for commerce and marine insurance in particular.
Marine insurance today is underwritten by insurers who operate through the Lloyd’s market, insurance companies that operate outside of Lloyd’s and by mutual insurance associations.
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