Nation Fire and Marine Insurance Company
Whenever people started traveling by land, they had to cross small and large rivers, canals etc. In the early days there were no roads. At that time there was a fear of wild insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance. animals on land, as well as mountains and inaccessible plains. It was almost impossible to carry anything over these land routes. So when people realized that they could float on water, the only medium became waterways or waterways. And that's why it can be seen that in ancient times the ports were all built around waterways. There are other big seas built for movement and cargo transportation, but this sea route is a danger zone, that is, there are various types of risks, whether natural or man-made. Apart from natural causes such as storms, there is also a considerable risk of loss of goods by sea. By offloading the risk, they can focus on running the business with confidence. And such compensation is known to be liable. And the name of their work is marine insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance
For and to take risks, a group of businessmen come forward who are called insurers in the commercial world. The scientific marine insurance system that we see today can be discussed by dividing the history of the origin of marine insurance into several stages, which are discussed below:
1. Struggle of rising stage: Efforts have been made to reduce or financially cope with the loss of ships, cargo and lives of the captain, crew and passengers from various natural and unnatural risks and adversities in waterways. The efforts in this regard were as follows:insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance
A. Jettison: In this practice the ship is lightened to protect the ship and its cargo.
felt the need to do so and threw some of the ship's cargo into the sea for him. As a result, the ship would be lighter and those whose cargo was spared would bear the compensation. This is called jettison. It is still in use today. It was in circulation around 916 BC.
System of credit: Under the guidance of Emperor Justinian in AD 533, merchants used to take bank loans for ships and goods on board. If the ship and the goods on board were damaged, the loan was not to be repaid. This loan did not last long as the interest rate was very high.insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance
c. Mutual insurance plan (Mutual Insurance plan): A type of insurance similar to this type of insurance plan was practiced in the ancient civilizations of the Mediterranean region and later in France. Under this, if there is any loss among the members, it would be covered by all of them together. This too did not last long as members' interest waned later.
d. Sea Caravans: Among other dangers of the sea route, pirates were no less a nuisance. At that time, the merchant community collectively formed sea caravans to protect ships and goods from pirates. Moreover any ship by pirates
If looted, other ship owners associated with that ship would pay compensation. It also did not last long as there was no way to deal with natural hazards.insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance
* Expelled Jews business group from French: As discovery efforts failed, the business community pondered whether to accept the risk of financial compensation as a business deal. History tells us that Jewish traders in 1182. Expelled from France. These Jewish businessmen were the first to introduce modern marine insurance. Marine insurance later gained popularity in the whole of Europe including Italy, Spain, France. During the period from 1000 to 1400 AD, Jewish merchants spread marine insurance in Venice, Genoa, Rome, Italy and were the first to introduce the premium system in marine insurance.
2. Jews of Lombardy streets in London (Jews of Lombardi streets in Landon): Jewish businessmen of a place called Lombardy in Italy gained considerable reputation in banking and insurance business until 1400 AD. But when the civil war broke out in the republics of Italy, Jewish merchants were expelled from Lombardy and moved to London to do safe business. The area of London where they settled was called Lombardy Street. Here they introduced marine insurance and subsequently prospered in this business. But their marine insurance business declined largely after the Industrial Revolution. The Jewish businessmen of Lombardy Street laid the foundation for the one time British dominance of marine insurance around the world. In 1437 an Ordinance on Naval Beams was published in Brussels. Then in 1556 King Philip II of Spain introduced an insurance policy for his country, insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance
The position of water and land in this beautiful world is such that in the absence of one the other is meaningless, incompatible and incomplete. geico boat insurance. Inland marine. Geico marine insurance, tokiyo marine insurance, ocean marine insurance
3. Lloyd's and the history of modern insurance (Liyod's & the history of Modern Insurance): A British citizen named Edward Lloyd ran a coffee shop in the port of London. By the end of the 17th century, the coffee house had become one of the main hangouts for sailors on merchant ships. As a result Lloyds Saudagar. It became easy for him to collect news and communicate with the sailors of the ship and to know the information regarding the sea conditions. Thus Lloyd's coffee shop became so popular that it became a permanent center of news gathering. Over time, he published a periodical named Lloyd's List citing the movements of ships and the exchange rates of currencies of different countries. Lloyd's coffee shop gradually became the center of activity for marine insurance underwriters.
4. Two insurance companies named The Lloyd's Assurance and The Royal Exchange were formed in 1720 under Lloyd's initiative. In 1771 the principals and agents jointly formed the Association of Lloyd's
Formed an association called Underwriters. This society is recognized as the first organized modern insurance company in the world. Almost a hundred years later, in 1871, this company was reorganized and chartered under the name of The Corporation of Lloyd's by passing a law in the Parliament of England. But in 1824 Alliance, insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance
Insurance Co. Once established the monopoly influence of Lloyd's Association was greatly reduced. After that, marine insurance companies started to be established in other countries of the world. insurance.Geico Boat insurance. Inland marine. Geico marine, geico marine insurance, tokio marine insurance, national fire and insurance company, ocean marine insurance, hull charterlakes, new york marine and generak insurance