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Updated: September 20, 2025
A policy taken out on the Tiger immortalized by Shakespeare would serve as a model still. And what makes it all the more interesting is that the Elizabethan underwriters calculated the Tiger's chances at the very spot where the association known as Lloyd's transacts its business to-day, the Royal Exchange in London.
Meyer was aroused from a brooding lethargy, by a crowd of shouting underwriters, who rushed into the Captain's room, seized him by the shoulders, and hurried him out and up to a bulletin. "Read it, Meyer read it. What d'you think of it?"
In addition likewise to the thanks of the company and the underwriters, the skipper was also presented with a handsome gold chronometer watch by the committee of Lloyds, besides participating in the amount awarded by the charterers of the Saint Pierre for the salvage of the ship, though in this latter apportionment it was only fair to mention that we all shared, officers and crew alike, I for my part coming into the sudden possession of such a tidy little sum of ready money that I felt myself a comparative millionaire.
Underwriting means guaranteeing the success of a loan, and those who do so receive a commission of anything from 1 to 3 per cent.; if the loan is popular and goes well the underwriters take their commission and are quit; if the loan is what the City genially describes as a "frost," the underwriters may find themselves saddled with the greater part of it, and will have the pleasure of nursing it until such time as the investing public will take it off their hands.
In course of the day, several underwriters came in, with long faces, to verify the report, which had now reached Lloyd's, that the Proserpine had foundered at sea. "It is too true," said Michael; "and poor Mr. Wylie here has barely escaped with his life. He was mate of the ship, gentlemen." Upon this, each visitor questioned Wylie, and Wylie returned the same smooth answer to all inquiries.
Just as underwriters will gamble on anything, even to insure a ship that is to run a blockade, if the premium is right so will a certain element of trade take a chance on shipping such horses, until the majority of people are awake and responsive to the impulses of humanity. It isn't being sanctified to be above cruelty; it is only the beginning of manhood proper.
If a grist-mill owner or a storekeeper has a busy corner of two Southern streets where passers-by congregate on market day, he gets the representation of a fire company or two, and from time to time sends in a risk to the head office, whose underwriters go nearly frantic in endeavoring to decipher the hidden truth in the dusty reports of these well-intentioned amateurs.
She had, she believed, solved for ever a difficult and troublesome question, and, on easy terms, provided herself with a new relative, useful, safe and insured against danger by fire. Perhaps the underwriters of the city would not have taken the latter risk, but at that moment it seemed a slight one to Irma Sobieski.
"Well, I guess this settles it," said Tom to Ned one day, after going over the day's mail. "Settles what, Tom?" "My aerial fire-fighting apparatus. Here's word from the National Fire Underwriters Association that they have adopted it, and there will be a big reduction of rates in all cities where it is a part of the fire department equipment. It's been as great a success as Mr. Baxter's new dye."
I was not surprised at reading the name of James McBirney on the detective's card, underneath which was the title of the Automobile Underwriters' Association. But I was more than surprised when the younger of the visitors handed us a card with the simple name, Mortimer Warrington.
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