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Updated: June 27, 2025
For I believe any one will grant me this: it is not the smallness of a premium ruins the insurer, but it is the smallness of the quantity he insures; and I am not at all ashamed to affirm that, let but a premium of 4 pounds per cent. be paid into one man's hand for all goods imported and exported, and any man may be the general insurer of the kingdom, and yet that premium can never hurt the merchant either.
When commerce flourishes, when its profit is certain and secure, men will employ their money in the exchange of commodities, by which greater advantage may be gained, than by putting it into the hands of brokers; but when every ship is in danger of being intercepted by privateers, and the insurer divides the profit of every voyage with the merchant, it is natural to choose a safer, though a less profitable traffick; and rather to treasure money in the funds, than expose it on the ocean.
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