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The Beginning of Insurance
Madison
Created on October 18, 2024
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Transcript
How Did Insurance Begin?
The beginning of insurance can be traced back to 17th century England!
Voyages to the New World and Far East
Sponsers were Needed
Under the Contract
Cost
The financier wrote their name. They would also list the amount of risk they agreed to assume. This is where the term underwriting came about.
Merchants would go to the docks and post a contract. These sponsers are now known as insurance companies.
A fee would be charged by the financier for this coverage.Today this is known as premium.
Voyages were used for trading, which could result in the loss of a ship and/or cargo. Merchants and ship owners needed protection.