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On the Principles of Marine Insurance
Published online by Cambridge University Press: 18 August 2016
Extract
The subject of marine insurance is one which occupies, at the present time, a large amount of attention, both in the mercantile and the non-commercial world. The latter regard the formation of Companies for that object as a profitable means of investment; and the former on account of the necessity for their employment and encouragement. No prudent merchant or shipper would neglect the precaution of insuring his goods, at least against the risk of total loss, if not against the ordinary perils of the sea, which cause damage, for which the insurers render themselves liable by the charge of an additional premium.
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- Research Article
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- Copyright © Institute and Faculty of Actuaries 1864
References
page 290 note * “The whole commerce of the country turns on contingencies which demand the application of scientific observation and calculation.”—W. Farr, Esq., Assur. Mag., vol. iv., p. 118, Note.
page 291 note * In the month of May, 1852, a paper upon marine insurance was presented to the Institute of Actuaries by Mr. W. Lance, of Lloyd's; in which he stated the fact of “marine risks being effected without the assistance of any data.” He also mentioned that he had been for some time collecting and arranging information, for the purpose of compiling tables to show “the possibility of marine risks being subject to a certain law of probabilities, as well as other assurable interests, and that a carefully constructed classification of losses …. could not fail to prove as valuable to the marine insurer as accredited tables of mortality are to the actuary.”—Assur. Mag., vol. ii., p. 362.
page 292 note * A tabular form was compiled at Hamburg in 1850, showing a summary of the business done, and an average of the rates of premium from 1814 to 1850 inclusive, as stated in the Assurance Magazine, vol. ii. p. 89; but it is questionable whether it would afford any guidance for the future transaction of business.
page 295 note * “Though in marine assurance much benefit will doubtless arise from accurate tables of the rate of loss, they alone will not determine correct rates of premium; but being made the groundwork of all calculations, and the registered character of the vessel, the mode of fitting practised by the owner, and particularly the character and experience of the master, taken into consideration, the rate of premium may be correctly ascertained.”—Assur. Mag., vol. ii., p. 364.