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"Perhaps you had, especially if you can get somebody to insure the insurer. And take my advice, don't tell a soul on board what you have told us. My crew are passably honest, but if they knew how many diamonds you carried about you, I should be very sorry to go bail for them." As I went on deck after our talk, I was met by the surgeon. "A word with you, Mr.
With governments, central banks, or the IMF as lenders and insurer of last resort there is little counterparty risk. Private counterparties are a whole different ballgame. They are loth and slow to pay. Dismayed creditors have learned this lesson in Russia in 1998. Investors in derivatives get acquainted with it in the 2001-2 Enron affair. Mr.
In like manner the exemption for contributory negligence has been pared down and the liability for dangerous or defective appliances increased, practically to the point that the master becomes the insurer of his machinery in this particular. The recent English statute goes to the length of putting the liability on the employer or on an employment fund in all cases.
As far back as 1884 Germany had enacted a law which put the blame for all accidents on the employers, except when the victim was wilfully negligent; in 1897 England had passed the British Workmen's Compensation Act which virtually made the employer the insurer of his workmen against all accidents.
Carried on at first with timidity and distrust, because the parties belonged to different groups, it has developed a high degree of mutual confidence between merchant and customer, banker and client, insurer and insured.
But the short reason for disbelieving that there was any warrant in the old law for making the carrier an insurer against damage is, that there seem to be no early cases in which bailees were held to such a responsibility, and that it was not within the principle on which they were made answerable for a loss by theft.
"Can it be," I suggested, "that Samuel and Denson are working in collusion, and have perhaps insured the stones, and now want your help to make out a case of loss?" "Scarcely that, I think, for more than one reason. First, it isn't a risk any insurer would take, in the circumstances. Next, the insurer would certainly want to know why the police were not informed at once. But there is more.
If the sources directly chargeable can not meet the demand, the National Government should not fail to provide generous relief. This, however, does not mean restoration. The Government is not an insurer of its citizens against the hazard of the elements.
The number of ways in which the wager was made all devised by the insurer was almost infinite, but in none of them was there a departure from the intrinsic nature of the transaction as seen in its simplest, frankest form, which we shall here expound.
From these and other sources the student of human unreason can reconstruct that astounding fallacy of insurance as, from three joints of its tail, the great naturalist Bogramus restored the ancient elephant, from hoof to horn. Essentially, it was a bet between the insurer and the insured.
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