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Updated: July 25, 2025
Other insurers such as Zurich move into project financing. They guarantee a loan and then finance it based on their own insurance policy as a collateral. It is a hybrid between creative financial engineering and medieval mutual or ad hoc insurance.
The true state of this affair is, that frauds are, indeed, often committed, and are for that reason always suspected, and that the insurers, when they insure the ship and cargo against accidents, reckon, among other chances, the probability of being cheated, and proportion their demands, not only to the length and danger of the voyage, but to the character, likewise, of the man with whom they contract.
The master was offered helpe, and he did give the pilotts 20 sols to drink to bid them go about their business, saying that the rocks were old, but his ship was new, and that she was repaired for L6 and less all the damage that she received, and is now brought by one, sent for on purpose by the insurers, into the Thames, with her cargo, vessels of tallow daubed over with butter, instead of all butter, the whole not worth above L500, ship and all, and they had took up, as appeared, above L2,400.
But, unfortunately, there were no Life Insurance Companies among the Macrobians, and therefore nothing to bring down this formidable average to a reliable schedule, such as accurately informs every modern man how long he may live honestly, without defrauding either his relict or his insurers. We know, moreover, precisely what Dr.
The manner in which the crew had been driven away to leeward, and recovered, was told minutely, and the whole process by which the ship was saved. The property used, Mark said had been appropriated to his wants, without going into details, and the main results being so very satisfactory, the insurers asked no further.
While this report is conveyed from one to another, and, like other falsehoods, increasing in its progress; while every man adds some circumstance of exaggeration, or some new proof of the treachery of the ministry, the ship enters the port, and puts an end, indeed, to the anxiety of the owners and insurers, but by no means pacifies the people, or removes their prejudices against the conduct of their governours; for as no man acknowledges himself the first author of the report, no man thinks himself under any obligation to retract or confute it, and the passions of the multitude, being once in commotion, cannot be calmed before another opportunity of the same kind may be offered for agitating them afresh.
"No," roared the underwriter, in the ear of the puzzled old gentleman; while he slapped him vigorously on the back; "it will not be paid. You or I must have been ruined, Mr. Selfridge, and it has settled on you. I do not pay der Titan's insurance nor will der other insurers.
That the chance of loss is frequently undervalued, and scarce ever valued more than it is worth, we may learn from the very moderate profit of insurers.
In due time she entered the capes of the Delaware, surprising all interested with her appearance. Friend Abraham White was dead, and the firm dissolved. But the property had all been transferred, to the insurers by the payment of the amount underwritten, and Mark made his report at the office. The teas were sold to great advantage, and the whole matter was taken fairly into consideration.
I happened to be lucky in this first essay; for the borrower, having in six weeks expended the money, made an excursion on the highway, was apprehended, tried, convicted of felony, and cut his own throat, to prevent the shame of a public execution; so that his bond was discharged by the insurers.
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