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71-591: American National Insurance Company ( ANICO ) is a major American insurance corporation based in Galveston, Texas . The company and its subsidiaries operate in all 50 U.S. states and Puerto Rico . American National was founded in 1905 by Galveston businessman William Lewis Moody Jr. Today the company offers a wide array of insurance products and services including life insurance, annuities , health insurance, property and casualty insurance, credit insurance , and pension plan services. Through its subsidiary, ANREM,
142-684: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for
213-416: A contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy,
284-489: A purser , the captain is in charge of the ship's accounting . This includes ensuring an adequate amount of cash on board, coordinating the ship's payroll (including draws and advances), and managing the ship's slop chest . On international voyages, the captain is responsible for satisfying requirements of the local immigration and customs officials. Immigration issues can include situations such as embarking and disembarking passengers, handling crew members who desert
355-592: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates
426-907: A "considerable increase" in the job market over the next few years. As of 2013, captains of U.S.-flagged deep sea vessels make up to US$ 1,500 per day, or US$ 80,000 to US$ 300,000 per year. Captains of smaller vessels in the inland and coastal trade earn between US$ 350 and US$ 700 per day, or US$ 65,000 to $ 180,000 per year. Captains of large ferries average US$ 56,794 annually. In 2005, 3,393 mariners held active unlimited master's licenses. 87 held near-coastal licenses with unlimited tonnage, 291 held unlimited tonnage master's licenses on inland and Great Lakes waters, while 1,044 held unlimited licenses upon inland waters only. Some 47,163 active masters licenses that year had tonnage restrictions, well over half of those being for near-coastal vessels of up to 100 tons gross tonnage . As of 2006, some 34,000 people were employed as captains, mates, and pilots of water vessels in
497-458: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
568-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
639-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
710-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
781-463: A few countries, such as UK, USA and Italy, some captains with particular experience in navigation and command at sea , may be named commodore or senior captain or captain senior grade . The term master is descended from the Latin magister navis , used during the imperial Roman age to designate the nobleman ( patrician ) who was in ultimate authority on board a vessel. The magister navis had
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#1732772600889852-443: A liaison to local investigators and is responsible for providing complete and accurate logbooks, reports, statements and evidence to document an incident. Specific examples of the ship causing external damage include collisions with other ships or with fixed objects, grounding the vessel, and dragging anchor. Some common causes of cargo damage include heavy weather, water damage, pilferage, and damage caused during loading/unloading by
923-463: A marriage ceremony on board his ship or aircraft. He shall not permit a marriage ceremony to be performed on board when the ship or aircraft is outside the territory of the United States." However, there may be exceptions "in accordance with local laws and the laws of the state, territory, or district in which the parties are domiciled" and "in the presence of a diplomatic or consular official of
994-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
1065-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
1136-631: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
1207-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
1278-556: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
1349-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
1420-604: A state or the United States Coast Guard . If the vessel carries over six paying passengers, it must be an "inspected vessel" and a higher class license must be obtained by the skipper/master depending on the vessel's gross tons. In the Royal Navy , Royal Marines , U.S. Navy , U.S. Marine Corps , U.S. Coast Guard , and merchant naval slang, it is a term used in reference to the commanding officer of any ship, base, or other command regardless of rank. It
1491-649: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes
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#17327726008891562-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
1633-653: Is a wedding on a ship in port, under the authority of an official from that port. In works of fiction, ship captains have performed marriages in various media, including the 1951 film The African Queen , and episodes of The Love Boat , How I Met Your Mother , The Office and various Star Trek series. Master Mariner certification is regulated internationally under the STCW Convention , specifically Regulation II/2 sets out requirements for Master Mariners. Master mariners can possess either an unlimited certification/licence or one restricted based on tonnage of
1704-410: Is also more frequently used than captain with privately owned noncommercial or semi-commercial vessels, such as small yachts and other recreational boats, mostly in cases where the person in command of the boat may not be a licensed or professional captain, suggesting the term is less formal. In the U.S., a "skipper" who is in command of a charter vessel that carries paying passengers must be licensed by
1775-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
1846-732: Is the UK Honourable Company of Master Mariners . The international parent and representative body is the International Federation of Shipmasters' Associations which has consultative status at the International Maritime Organization . As of 2008, the U.K. Learning and Skills Council lists annual salaries for senior deck officers as ranging from £22,000 to over £50,000 per year. The Council characterizes job opportunities for senior deck officers as "generally good" and expects
1917-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
1988-421: Is useful for those unfamiliar with the vessel to be able to identify members of the crew and their function. Some companies and some countries use an executive curl similar to that of the Royal Navy . In the United States, and in numerous other maritime countries, captains and officers of shipping companies may wear a merchant navy or merchant marine regular uniform in conjunction with their employment. In
2059-784: The Bahamas permit captains of ships registered in their jurisdictions to perform marriages at sea. Princess Cruises , whose ships are registered in Bermuda, has used this as a selling point for their cruises, while Cunard moved the registration of its ships Queen Mary 2 , Queen Victoria and Queen Elizabeth from Southampton to Bermuda in 2011 to allow marriages to be conducted on their ships. Some captains obtain other credentials (such as ordination as ministers of religion or accreditation as notaries public), which allow them to perform marriages in some jurisdictions where they would otherwise not be permitted to do so. Another possibility
2130-680: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established
2201-742: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money
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2272-617: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced
2343-528: The stevedores . All persons on board including public authorities, crew, and passengers are under the captain's authority and are his or her ultimate responsibility, particularly during navigation. In the case of injury or death of a crew member or passenger, the master is responsible to address any medical issues affecting the passengers and crew by providing medical care as possible, cooperating with onshore medical personnel, and, if necessary, evacuating those who need more assistance than can be provided on board
2414-648: The United States, who has consented to issue the certificates and make the returns required by the consular regulations." Furthermore, in the United States , there have been a few contradictory legal precedents: courts did not recognize a shipboard marriage in California 's 1898 Norman v. Norman but did in New York 's 1929 Fisher v. Fisher (notwithstanding the absence of municipal laws so carried) and in 1933's Johnson v. Baker , an Oregon court ordered
2485-415: The United States. The U.S. Bureau of Labor Statistics projects 18% growth in this occupation, expecting demand for 40,000 shipmasters in 2016. Uniforms are worn aboard many ships, or aboard any vessels of traditional and organized navigation companies, and are required by company regulation on passenger and cruise vessels. In the passenger-carrying trade a unified corporate image is often desired and it
2556-678: The company founded and developed the large-scale housing development, South Shore Harbour, in League City, Texas . Although a publicly traded company , the majority of the stock had been controlled by the Moody family through the Moody Foundation and Libby Shearn Moody Trust, which are administered by the trust department of the family owned Moody National Bank . In August 2021, Brookfield Asset Management announced that it had agreed to acquire ANICO for $ 5.1 billion. The acquisition
2627-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in
2698-791: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In
2769-695: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
2840-706: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
2911-472: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to
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2982-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
3053-410: The form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives
3124-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
3195-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
3266-420: The insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if
3337-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
3408-480: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
3479-620: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
3550-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
3621-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
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#17327726008893692-637: The payment of death benefits to a widow because she had established that her marriage at sea was lawful. However, in Fisher v. Fisher the involvement of the ship's captain was irrelevant to the outcome. New Jersey 's 1919 Bolmer v. Edsall said a shipboard marriage ceremony is governed by the laws of the nation where ownership of the vessel lies. In the United Kingdom , the captain of a merchant ship has never been permitted to perform marriages, although from 1854 any which took place had to be reported in
3763-440: The persons and cargo on board. The captain ensures that the ship complies with local and international laws and complies also with company and flag state policies. The captain is ultimately responsible, under the law, for aspects of operation such as the safe navigation of the ship, its cleanliness and seaworthiness, safe handling of all cargo, management of all personnel, inventory of ship's cash and stores, and maintaining
3834-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
3905-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
3976-448: The primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that
4047-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
4118-483: The right to wear the laurus or corona laurèa and the corona navalis . Carrying on this tradition, the modern-day shipmaster of some nations wears golden laurel leaves or golden oak leaves on the visor of his cap. A skipper (sometimes also serving as the helmansperson , helmsman , or driver ) is a person who has command of a boat or watercraft or tug , more or less equivalent to "captain in charge aboard ship ." At sea, or upon lakes and rivers,
4189-419: The risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in
4260-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
4331-592: The ship's certificates and documentation. One of a shipmaster's particularly important duties is to ensure compliance with the vessel's security plan, as required by the International Maritime Organization 's ISPS Code . The plan, customized to meet the needs of each individual ship, spells out duties including conducting searches and inspections, maintaining restricted spaces, and responding to threats from terrorists, hijackers, pirates, and stowaways. The security plan also covers topics such as refugees and asylum seekers , smuggling, and saboteurs. On ships without
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#17327726008894402-483: The ship's log. A ship's master can, however, conduct a church service, regardless of any clergy aboard. Spanish and Filipino law, as narrow exceptions, recognise a marriage in articulo mortis (on the point of death) solemnized by the captain of a ship or chief of an aeroplane during a voyage, or by the commanding officer of a military unit. Japan allows ship captains to perform a marriage ceremony at sea, but only for Japanese citizens. Malta , Bermuda and
4473-443: The ship, making crew changes in port, and making accommodations for foreign crew members. Customs requirements can include the master providing a cargo declaration, a ship's stores declaration, a declaration of crew members' personal effects, crew lists and passenger lists. The captain has special responsibilities when the ship or its cargo are damaged or when the ship causes damage to other vessels or facilities. The master acts as
4544-485: The ship. There is a common belief that ship captains have historically been, and currently are, able to perform marriages. This depends on the country of registry, however, and most do not permit performance of a marriage by the master of a ship at sea. In the United States Navy , a captain's powers are defined by its 1913 Code of Regulations, specifically stating: "The commanding officer shall not perform
4615-452: The ship. Certification is given by national authorities, typically following completion of minimum necessary seatime and a course of approved training, based on the IMO model course. Many maritime countries have private or charitable organisations and associations for Master Mariners. These primarily include organisations to represent Masters in the industry. An example of a national organisation
4686-459: The skipper as shipmaster or captain has command over the whole crew. The skipper may or may not be the owner of the boat. The word is derived from the Dutch word schipper ; schip is Dutch for "ship". In Dutch sch- is pronounced [sx] and English-speakers rendered this as [sk] . The word "skipper" is used more than "captain" for some types of craft, for example fishing boats . It
4757-507: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. Sea captain A sea captain , ship's captain , captain , master , or shipmaster , is a high-grade licensed mariner who holds ultimate command and responsibility of a merchant vessel. The captain is responsible for the safe and efficient operation of the ship, including its seaworthiness, safety and security, cargo operations, navigation, crew management, and legal compliance, and for
4828-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
4899-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
4970-465: Was completed in May 2022. 29°18′25″N 94°47′24″W / 29.307°N 94.7899°W / 29.307; -94.7899 Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against
5041-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
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