ABSTRACT
Marine insurance is the oldest form of business of dividing risks to minimise losses, and the principle governing this business is precisely the same as that affecting life insurance, except that there is no question of accumulating capital at compound interest, or anything of that sort. The risk underwritten by those who insure ships and their cargoes is limited to the voyage. Vessels are classed in Lloyd's Register according to their age and seaworthiness, and the premium charged differs according to the class into which the vessel is placed and according to the nature of its cargo. Lloyd's proper is a corporation, since 1871, formed by men whose primary business it was and is to insure risks on sea-going ships, but it has developed into something unique in the world as a centre of insurance business of all kinds. Since then Lloyd's as a centre of marine insurance has developed in wealth and influence, notwithstanding keen competition from outside.
