By Adrian Leonard
Given that its invention in Italy within the fourteenth century, marine assurance has supplied retailers with capital defense in occasions of obstacle, therefore oiling the gears of alternate and trade. With a spotlight on customs, legislation, and organisational constructions, this publication unearths the Italian origins of marine assurance, and tracks the unfold of underwriting practices and associations in Europe and the United States in the course of the early sleek period. With contributions from 11 best researchers from seven nations, the booklet examines key institutional advancements within the heritage of marine coverage. The authors speak about its invention in Italy, and its evolution from deepest to company constructions, assessing the motives and affects of varied kingdom interventions. Amsterdam and Antwerp are analysed as one-time key centres of underwriting, as is the emergence and adulthood of marine coverage in London. The publication evaluates an scan in company underwriting in Cadiz, and the improvement of coverage associations within the usa, earlier than utilising the metrics of underwriting to debate trade raiding within the Atlantic as much as the 19th century.
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Extra resources for Marine Insurance: Origins and Institutions, 1300–1850
3 (1989), pp. 644–61. North, Institutions, p. N. : ‘Cross-cultural studies of individualism and 22 Marine Insurance collectivism’, in Nebraska symposium on Motivation, Berman, J. ), Lincoln: University of Nebraska Press, 1990. The collectivist and individualist division is succinctly expressed in Greif, Avner: ‘On the interrelations and economic implications of economic, social, political, and normative factors: reﬂections from two late medieval societies’, in Drobak, John and Nye, John (eds), The frontiers of the New Institutional Economics, London: Academic Press, 1997, pp.
The proscriptions thus meant the elimination of fat proﬁts, but the governing bodies of Genoa, and later Florence, declined to mitigate or abolish the restriction until after the turn of the century. Genoa formally abolished its prohibition under an ordinance of 23 January 1408, although a formal ban on insuring vessels and cargoes sailing beyond Gibraltar remained. It was intended to protect Genoese merchants from the challenges of adjusting claims arising at such a distance, but this ban too was soon lifted, in about 1420.
Legal historians have dissected insurance contracts, recognising their value as a reﬂection of the development of commercial law and the roles of the courts. Economic historians have considered the markets’ institutional developments, focussing particularly on progress towards more efﬁcient transactions conducted in more effective markets. Social historians have seen in marine insurance various windows to a greater understanding of state authority. This volume presents some of the best of this new research by scholars from various countries with long insurance traditions, who have together spent thousands of hours in the archives of Europe and America with documents relating to the rich history of marine insurance.
Marine Insurance: Origins and Institutions, 1300–1850 by Adrian Leonard