THE MIDDLE AGES
Insurance by Gilda
The activities of the Guild-Guild in the middle ages helped the development of the idea of insurance. They held a draft insurance in finance with regular dues of its members. Additional details on pay for various losses. Among its closure is to fire losses, sculpted ship, theft, and swamped. For example. Gilda Blessed Mary in Chesterfield, in 1218 enter into his household budget, the following: "If someone's House on fire because of something his brother then any accident will help half a penny to build a new home". Benefits such as those provided by health insurance companies, are also available through the system of that Guild. Natural disasters such as the loss of sight, severe illness hit, and old age dependency can give compensation by insurance. Although this is not a Guild-Guild developed into insurance company as we know it now, but they have provided the insurance needs of his time.
First Marine insurance contract
There is no agreement on when exactly the marine insurance contract we know today was first born. However, it seems that marine insurance may have been written since the mid-19th century XIV. In mid XV centuries, the rules of business conduct has been developed by some of the Mediterranean port city. Many such insurance held by Italian merchants. Insurance have held up the British ships and finally some Italian insurer it migrated to England.
THE MODERN ERA
Marine Insurance
The
development of marine insurance is driven by its transposed a plan law
in England in the years 1574 which created a Board to create an
insurance Council insurance to sell insurance. A few years later, forming a special court to handle disputes insurance disputes. With these advanced developments, marine insurance is changed from procurement activities part-time for merchants became a full-time business for specialists.
Lloyd's of London. Initially the underwriter (the insurer) scour the streets to find the shipping business district. then, evolving practices meeting at a coffee shop (coffee houses) to conduct business transactions. A coffee shop owner named Edward Lloyd, attract people insurance came to his stall to collect shipping information for their published as Lloyd's as a meeting place is on the rise and ultimately in 1769 the now famous organizations stood as a Lloyd's of London.
At the time this was born the term underwriter (the author under the insurer). They are looking for insurance will include the proposal to check by prospective insurer.
Anyone wishing to participate in the risk it will write down its name
under the initiative and indicates portions of risk willing in his
responsibilities. so, a person who "wrote under" suggested that became known as the "underwriter" (authors, the insurer).
Incorporated Company Law
During the period mentioned above, all marine insurance is borne by individuals. This venture started as a sideline business merchants gradually shifted by the specialists who attempt anyway is to bear the risk. The first company in the Organization to carry out the business of marine insurance, founded in tahun1668 in Paris. The company obtained success. During the period of speculation in England that is famous as the "bubble period = period bubble" countless numbers of draft insurance held to take advantage of stock promotion possibilities of that age. One of the results that arise after speculation "bubble period" this is the passage of the Act in the year 1720 Bubble. Based on this law, King George ratified the Charter for two marine insurance company of London Assurance Corporation and Royal Exchange Assurance Corporation.
