Observations upon the Report of the Committee on Marine Insurance: With a Few Incidental Remarks on a Pamphlet Lately Published, Entitled a Letter to ... Adopted by the Committee on Marine Insurance - Softcover

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1810. Excerpt: ... appear, that they frequently take much larger sums on policies on ship or ships; on risks to and from China and the East Indies; and on ships of war. The regulations under which they act, necessarily tend to contract their business within a narrow sphere, compared with the whole insurance business of the country; but the effects of them are in some degree counterbalanced, by the confidence placed in their solidity, by their mode of payment when losses happen, and by their allowing greater advantages in the shape of discount, to those whotransact business with them, than are allowed by indivir dual Hnderwriters. From these considerations many merchants who are not underwriters give them whatever sums they choose to take on all their risks; others resort to them when they have a larger sum to elfect, than they can do with those underwriters to whom they are in the habit of shewing their policies; and they also derive an accession of business, under the operation of their byelaws, from the mercantile interest of some of their directors and proprietors. The opinion of the narrow scale on which they transact business appears to have become so prevalent, as to have reduced the number of applications made to them, and consequently, the amount of their business, below their own intentions or wishes; for their secretaries state that the companies are very much disposed to extend the scale of their insurances; and the practice so prevalent amongst merchants who are also underwriters, of interchanging their risks with each other for their reciprocal benefit, is assigned as a great cause of the limited proportion, which the business done by those companies bears to the whole insurance business of country. Still they are described by those who have considerable dealin...

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