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In conjunction with the Re-insurance Book, another, termed the Re-insurance Index, is kept, which is divided into sections corresponding with the letters of the alphabet. Each re-insurance is indexed under the name of the ship, so that the underwriter can discover in a moment whether he is re-insured on any particular ship or not, a matter that otherwise might prove of considerable difficulty in a business of any magnitude. This index will not form part of the double-entry. A specimen page is appended.
Herein are entered particulars of all recoveries. They will include not only Salvages proper, but also Re-insurance Recoveries, Refunds, and additional Premiums received in respect of previous years. With the exception of the last item, the nature and origin of all these recoveries have already been indicated in Chapter II. The Premium Books do not remain open for a period of years in the same way as the other books which have been described, this course being obviously unnecessary, and consequently any additional premiums which may arise relating to a previous year will be passed through the Salvage Book.
This book will also remain open for a period of years, and the monthly totals of the various sections will be posted to the credit of Salvage Account in the Private Ledger.