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Updated: June 20, 2025
Most people know that Lloyd's originated from the marine underwriters who used to meet for both business and entertainment at Lloyd's coffee-house in the seventeenth century.
It diminishes the amount that can be paid in dividends and so the bank is actually out of pocket. The international financier is in quite a different position. If he arranges a loan for Barataria, he takes his profit on the transaction, sells the bonds to investors, or to the underwriters if investors do not apply, and is, from the purely business point of view, quit of the whole operation.
The policy was subscribed by individual underwriters, and an able author observes that the case singularly illustrates the connection which probably once existed between life and maritime insurance, and shows how naturally the latter may have sprung from the former.
The pilots saw that they would be backed up by the captains and the underwriters anyhow, and so they wisely refrained from entering into entangling alliances. As I have remarked, the pilots' association was now the compactest monopoly in the world, perhaps, and seemed simply indestructible. And yet the days of its glory were numbered.
Abruptly she spoke, to rid her of her own thoughts. "Mr. Hurd believes in carrying his own risk isn't that the expression?" "Absolutely. No life-long fire insurance man could have phrased it more correctly." "I'm afraid it was mere plagiarism. I think Mr. Wilkinson used it." "Credit withdrawn," said Smith. "What were we talking about? Oh, yes about underwriters.
It would have been far better, in the opinion of the shipowners and of the underwriters, that the Royal Sun had still been afloat with her thousand fighting men on board than that she should be lying a heap of ashes on the beach at Cherburg, while her crew, distributed among twenty brigantines, prowled for booty over the sea between Cape Finisterre and Cape Clear.
I was waited upon by fruit-tree venders, lightning-rod agents, fire underwriters, plumbers, gas-fitters, painters, and an innumerable army of persons having horses, cows, pigs, chickens, shade trees, patent hitching posts, smoke-consumers, Pasteur filters, shrubbery, lawn statuary, fancy poultry, garden utensils, and patent paving to dispose of.
The owners of the Rancocus gave up their ship, as soon as Betts had told his story, manifesting no disposition to send good money after bad. They looked to the underwriters, and got Bob to make oath to the loss of the vessel; which said oath, by the way, was the ground-work of a law-suit that lasted Friend Abraham White as long as he lived. Bob next sought Bridget with his tale.
"I want that prospectus to breathe out confidence in every line and every word. I want the whole five millions taken up by the public, and not left partly on the underwriters' shoulders. I want to do everything I can to make the public realise that they're being offered the squarest deal that ever was.
In the course of the trial which afterwards came on, it appeared that the slaves on board the Zong were very sickly; that sixty of them had already died, and several were ill and likely to die, when the captain proposed to James Kelsal, the mate, and others to throw several of them overboard, stating that 'if they died a natural death, the loss would fall upon the owners of the ship, but that if they were thrown into the sea, it would fall upon the underwriters. He selected accordingly one hundred and thirty-two of the most sickly of the slaves.
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