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and thereby bring an add. benefit to the kingdom." The argument succeeded, in so far as that the King and Parl. were induced to sanction the formation of two marine ins. asso. each having, at least for that period, very considerable capitals. Numerous projects having large cap. were set on foot for other branches of ins. bus., but were denied legislative sanction. The South Sea panic came; and we hear no more of Ins., or indeed of any other projects, with large capitals, for fully half a century.

Towards the end of the 18th century, Ins. enterprise was again in the ascendant. The few ins. asso. which had survived the South Sea period, and more particularly the Equitable Life, which had become completely founded in 1762, had shown results which indicated great scope for the employment of cap. Beyond which, Adam Smith had said, in his Wealth of Nations, first pub. 1776:

The trade of ins. gives great security to the fortunes of private people, and by dividing among a great many that loss which would ruin an individual, makes it fall light and easy upon the whole So. In order to give this security, however, it is necessary that the insurers should have a very large cap. This statement, coming from such an authority, had very great weight; so ins. cos. with large capitals became the fashion at last, the rage.

The next phase was but the natural one. The large profits realized by the Ins. Asso. opened the eyes of pol.-holders, and they began to desire, and to claim participation. The science of Life Contingencies had become developed; and the operations of the Life offices had emerged from the stage of doubt and doubting to one of reasonable certainty. Besides, were not the mut. offices pulling down the argument for large capitals in that branch of ins. bus.? The discussion now turned really upon what was the smallest amount of cap. on which a life office might be founded; and when even that might be dispensed with. We may glance at one or two of the writers of this period.

Mr. Geo. Farren said (1823): “The period at which a subs. cap. may be fairly said to be worse than useless is when the ann. income from prems. trebles the amount of the largest single risk." He was at that time Resident Director of the Economic. His views underwent some change when he afterwards held a similar position with the Asylum. What would have become of the policy-holders in the last-named co. if the subs. cap. had been discharged?

Mr. Charles Babbage, in his Comparative View, 1826, said:

Since the fluctuation in the price of life, arising from the natural uncertainty of its duration, is considerably less than that which occurs in the price of most commodities, a person who deals in securities dependent on lives requires less cap. to carry on his bus. than one who trades to an equal extent in any other species of merchandize.

In the following year (1827) Mr. Babbage gave evidence before the Parl. Committee on Friendly Sos. As this question of cap. was then attracting a good deal of attention, he, at the request of the Committee, entered more minutely into the subject:

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Supposing the laws of mort. applicable to a class of assurers to be known, what cap. will be necessary in order to meet all the probable deviations from that law? Let us suppose 5000 persons forming a so., and that from the T. they employ 100 deaths may be expected ann. If each is insured for £1000, the question is, what cap. is sufficient for them to commence with-is it £5000, or £5,000,000? I have seen no attempt to answer such a question on just principles; all the remarks I have met with on the subject appear to me vague, because they rest on no accurate enumeration of facts, and the results are not legitimately deduced even from the assumed facts. In the first place, some chance must be agreed upon, which the body are willing to risk. It would be folly to take so small a cap. that it should be only 10 to 1 against the so. becoming insolvent; but it would be unnecessary caution to take so large a cap., that it should be ten millions to one against the same event happening. What the proper risk is must be determined by the opinion of prudent persons, not by any calculation; it will differ in different circumstances, and in the opinion of different individuals. It will be sufficient for my supposition to assume that the so. are satisfied if their T. are such that it shall be ten thousand to one against their cap. being exhausted.

The next circumstance on which the amount of cap. depends is the rate of profit added to the payment which the T. of mort. they employ requires for each contract. If the body subs. a sufficient cap. at the commencement, no addition, or only a small one, is necessary. If they commence without any, a considerable addition to the calculated payments would be necessary at first, in order to provide, by its accumulation, a sufficient cap.

Another and a most difficult question remains. We have supposed 5000 persons forming a so., constantly kept up to that number, or near to it, either above or below, and that according to the T. they use, 100 persons are expected to die in each year. In the first place we must ascertain, by calculation from their T. of mort., the limit which it is ten thousand to one that the number of deaths in any one year will not exceed. Let us suppose that it is found that it is ten thousand chances to one against more than 200 persons dying within the year. Then it is necessary that for the first year their cap. should be such as, when added to the total ann. payments, it shall just equal the sum due to the representatives of the 200 persons who have died.

Some of the considerations here evolved have been touched upon in our art. AVERAGES, DOCTRINE of.

In this same year (1827) Mr. Barber Beaumont, the founder and Man. of the Provident L., delivered an address to the members of that inst., wherein he offered the following sagacious obs.:

We now see the wisdom of having limited ourselves to a comparatively small orig. cap, viz. £250,000. In concerns of this kind the subs. reasonably require, and are equitably entitled to part of the profits which the money they have advanced and risked tends to procure. In our case the periodical allotments of profit now yield us an int. of about 4 p.c. in add. to the int. on our orig. deposits [paid-up cap.]; but if we had started with a cap. of £2,000,000, the int. on the same add. of profit, dispersed over such an extended cap., would only have yielded us a half p.c. with the int. on the deposits, or perhaps 44 or 5 p.c. div. after 21 years' risk and labour.

This was very neatly and very accurately put. He then travels away from his own co., and takes a survey of what was going on in this direction elsewhere about this period : But in the new ins, offices which have been set up during the late rage for joint-stock cos., 2, 4, and even 5 millions are the capitals with which they set out. Such large caps. could not be necessary for the purposes of indemnity, unless it were seen that, by the lowering of the rates [prems.], the bus. was likely to become a losing one; and that unless large caps. were raised to cover a course of heavy losses, the cos. would not last long enough to satisfy the projectors for their trouble. But the large caps. have had a more immediate use. Share-buyers did not look to conditions or consequences; they and their successors were accordingly bound to effect ins. in proportion to the amount of their shares. Thus by compelling the shareholders to effect ins. themselves in their own office, whether they had real occasion to ins. or not, and extending their number to a vast amount, a bus. was at once created sufficient to give employment to an estab. of directors, bankers, solicitors, clerks, etc. But a bus. thus forced can never be a beneficial one to the shareholders. If a man have occasion to ins. he will naturally, without compulsion, prefer an office in which he is a shareholder, provided it be as good a one as any other; but if it be inferior, it is very hard that, in add. to having been entrapped into a bad concern, he should be compelled to lay out more money to ins. in it, in order to keep it going. If he have not occasion to ins., it is still more hard upon him that he should be compelled to do so; but they are sometimes let off upon the condition that they bring others to ins. to the required amount in their stead. But it is not always agreeable to go about begging for relief in this manner, particularly when it is seen that after all the profits (if any) when divided among a large co-partnery can never be adequate to the obligations to which every shareholder binds himself and his successors. We accordingly see that the shares in these compulsory offices are generally at a discount; and that the shareholders after a time dissolve them if they can.

This was a very accurate picture of the course of events at that period.

Mr. Charles Ansell said before the Select Parl. Committee on Joint-Stock Cos., 1841: As to L. assu. offices, if they are based upon proper principles, though probably some amount of cap. may be essential in the first instance, I very much doubt whether a large cap. is useful; it is rather useless, or worse than useless, to have a large paid-up cap., or even a large nominal cap.

Mr. Kirkpatrick, the then Act. of the Law Life, said he entirely agreed with Mr. Ansell. This question of cap., though so much discussed, could never be regarded as finally disposed of until after the appearance of the Report of the Parl. Committee on Assu. Asso. which sat in 1853. Before that Committee nearly all the leading Act. of that dayand some few of another category-were called to give evidence; and it will be of permanent value to record in brief form their individual views on this one point. We take the witnesses in the order in which they were called.

Mr. John Finlason, Gov. Act. :

No great cap. is necessary to set agoing a L. ins. office, if honestly conducted, and if the expense of management is prudently kept down, because every prem. of assu. for the whole life comprehends not merely the risk of life at the commencement of the ins., but also a portion of cap. sufficient to lay up a stock to meet the claims ultimately. The funds for the man. of an office is

a cap. of another kind, which in my opinion ought to be created by funds advanced, either by the proprietors, or borrowed on the faith that they can be returned at some future day; for it is plain that the man. of a L. ins. office upon an extensive scale, which entails at the present day an immense amount of adv, cannot be conducted very cheaply; and the funds necessary for that purpose cannot come out of the prems., which are calculated to meet the claims on the pols. (565).

Mr. Charles Ansell, Act. of Atlas, etc.:

Now for all purposes of L. assu. a large cap. is certainly not necessary. I have not myself perceived any evil to come from the estab. of mut. assu. sos., who for the most part have no paid-up cap.; but still there may be a degree of risk in the early progress of an inst., which should make it wise, for that reason alone, to say that there should be some means for meeting possible early claims, which might exceed the amount of prems. received to meet them. But the main reason which I should have for suggesting the requirement of cap. is that it appears to be the only test for the position in society occupied by those who found such important inst.” (796).

Mr. W. T. Thomson, Act. of the Standard and Colonial, called :

You consider some paid-up cap., both in the case of proprietary offices and mut. offices, absolutely necessary for the purpose of defraying the preliminary expenses and early contingencies of the office?I do. And it is with that view you recommend that this paid-up cap. should be provided for?-It is one reason. Would one of your views, in requiring that paid-up cap., be that you should have some test of the respectable position in society of parties promoting new asso. offices, and also of their bona fide intentions with regard to the public ?-Certainly. (879-81).

Mr. J. J. Downes, Act. of the Economic :

I think a guarantee fund, in the infancy of a life assu. so., is a very important thing. . . . For the purpose of giving confidence to the public do you think it is necessary?-For the purpose of giving confidence it is. If a person wishing to assu. his life, knew he had a guarantee of £30,000 or £50,000 in common to himself and all others, he would feel more confidence in the so. than if there were only £5000 or £10,000; therefore if a guarantee cap. can be obtained without great expense to the so., think it should be done, though I do not think it absolutely necessary for the bus. of life assu.... Do you know any office without a guarantee fund?—I do not, but I think all ought to have some guarantee fund. (1190-1207).

Mr. T. R. Edmunds, Act. of Legal and General :

Then is it your opinion that all new offices, not to speak of those particular offices, ought to have a certain amount of cap. in the first instance to pay the extraordinary expenditure of the first few years?-I think there ought to be some kind of guarantee that they should reserve a sufficient amount equivalent to the value of the pol. Otherwise do you consider that the office would be in a safe condition as regards its powers to meet the losses of the assured?—I do not; it is an essential point that the office shall always be in possession of the sum representing the value of all its pol. (1252-3). Mr. Samuel Brown, then Act. of Mutual:

My own opinion is that, from the great competition prevailing at present, it is impossible to carry on an office without a guarantee fund-without a paid-up guarantee fund I should say in the present day, because the expenses are so greatly increased that you would require in every case some fund to


fall back upon, in order to meet the risks (1523). How would you estimate the extent of the necessity of a guarantee fund in each case?-There is no particular rule that can be laid down. I conceive a cap. of from £30,000 to £50,000 reserved as a guarantee cap., independent of what is necessary to estab. the bus., would always form a sufficiently safe guarantee fund for any co. (1609-11).

Mr. Samuel Ingall, Act. of Imperial:

Do you think that a paid-up cap. in the first instance is indispensable to the safe estab. of assu. offices?-Quite indispensable in my opinion. (1759). I should like to add, with regard to cap., that the amount should be very much in proportion to the liabilities undertaken; I think that £50,000 should be the smallest sum which a so. should commence assu. lives with. (1896).

Mr. Charles Jellicoe, Act. of Eagle:

Is it also your opinion that a paid-up cap. in every case should be insisted upon previous to a new office being estab. ?-I think it should, and that some such sum as £10,000 is only reasonable under present circumstances. Do you think £10,000 would be enough ?--I think it is sufficient for the purpose. (2004-5).

Mr. F. G. P. Neison, then Act. of Medical Invalid:

Then you consider it essential, at the commencement of the inst., that it should have cap. ?—It is impossible to estab. an inst. with the activity which I think necessary and prudent to call into action without money: very few people will so devote themselves to the interests of an office without some quid pro quo. (2277). Then you would consider, in the case of mut. offices, as in the case of proprietary offices, an orig. subs. cap. from some source or other was necessary to give security and facilities for the success of the office?-I do not think for security, but for facility; I think it quite possible a mut. office may be formed without cap., if they will regulate the amount assured upon each life so as to prevent any disaster; in fact such cos. have been so formed. (2285).

Mr. J. A. Higham, then Act. of the Royal Exchange:

I think I understood you to say that you look on a paid-up cap. as of importance as a guarantee of the bona fides of the parties who set up any office ?-That is the only ground on which I would ask to have it made a legislative enactment. As a matter of opinion, I think it highly desirable to have a proprietary subs. cap. (2471). . . . You have expressed the opinion that every co. ought to have a paid-up cap.; do you conceive that that paid-up cap. should be the same in all cases, whatever the extent of the co. ?-As a matter of opinion I hold that the cap. ought to vary, and ought to have reference to the prob. amount of the co.'s engagements. . . . (2533).

Mr. John Hornby, then Act. of Prince of Wales Life:

I am in favour of a paid-up cap.; a small one, not as a guarantee of the bona fides of the undertaking, but because the bus. will increase much more rapidly with money than without it; the same amount of bus. will be done in 3 years that would otherwise be done in 6. (2561).

Mr. E. J. Farren, Assistant Act. of Asylum Life:

Do you approve of the principle of offices starting in the first instance upon a paid-up cap. ?— Decidedly. On what ground do you consider that necessary?-I consider that it is implied by the very nature of assu. calculations; I consider that the question of cap. and no cap. is precisely the question of dependent and independent risks. (2619-20).

Mr. E. Ryley, Consulting Act.:

The introduction of cap. into assu, offices has been the source of a great deal of harm, although of a great deal of benefit also: the harm that it has done has been this-that life assu. is no longer considered as a sort of social inst., but as a matter of trade and barter; different cos. with cap. come into the field and get as much bus. and profit as they can. (2822).

Mr. Alexander Colvin, Act. United Mut. Mining L.

Do you think any reasonable amount of paid-up cap. would give a security to the public in regard to realizing the profit?-No; the ultimate security of the public must depend on the prem. The only use of cap. is that suggested by Mr. Neison, to facilitate the carrying on of bus. in the first instance. Chairman: To spend it all?-To spend it all. (2926).

Mr. Alexander Robertson, Act. of Indisputable L.

What is your opinion about the payment up of a certain portion of cap. as a security for these offices?-I think the payment of cap. of any kind is extremely hurtful. A cap. is totally inconsistent with the principle of mut. assu. (3407-8).

Mr. George Taylor, then Assistant Registrar of Joint-Stock Cos., said before the same Committee:

A large cap. is an expensive thing to an ins. co., without being of much corresponding advantage; what I should wish would be simply to require a deposit sufficient to furnish a security that the co. is composed of persons who can be safely entrusted with the funds paid into its hands. (371). ... I do not think the bus. of L. assu. requires cap. The profits of L. assu. do not flow out of the employment of cap. as in other cases. (398).

The numbers at the close of the paragraphs are the references to numbered paragraphs of reported evidence.

Dr. Farr said in his famous letter in 12th Report of Reg.-Gen., pub. same year (1853): It is clearly in this, as in most other trades, disadvantageous to employ more cap. than is required to carry on the bus. safely, as in proportion to its amount the rate of profit is diminished.

It is quite noticeable that there was not one of these authorities who attempted to support the theory of a large cap. for the bus. of L. ins. Certainly a large cap. is not requisite. Many of the offices which now have it would be only too thankful if it could be repaid without the process of reconstituting the co. which it generally involves. Our own view is that no life office should be hereafter formed with a larger cap. than £50,000 -of which at least one half should be paid up; for £20,000 will be required for deposit under the L. Ins. Law of 1870.

There is a method by which the security of cap. may be obtained, without trenching upon the profits of the pol.-holders, and it is this: an asso. requires the guarantee of a 29


cap. of £50,000-of which £25,000 is to be paid up, to cover "deposit" and foundation expenses. Divide the actual proceeds of invested portion of cap. ann. by way of div., and periodically divide the profits of the non.-par. branch entirely among the shareholders. There are several of the more modern L. offices which adopt a plan somewhat analogous to this. The Brit. Equitable is one.

The proportion of cap. which an ins. asso. may properly spend in the foundation of a bus. will fall to be discussed under EXPENSES OF MANAGEMENT. We shall not anticipate it here. There are two purposes for which cap. should be available: (1) for foundation and working expenses until the bus. becomes self-sustaining; (2) to make up any deficiency which may from any cause occur in the accumulated fund, necessary to preserve the solvency of the co. So long as the pol.-holders are made safe, they can have no further concern in the cap. It is for the shareholders, and the shareholders alone, to determine how much money they are prepared to stake in the enterprise in which they are embarked. When, after a fair trial, they cannot see the way to a successful issue, let them re-insure their risks on the best terms they can, and discontinue the bus. [EXPENSES OF MANAGEMENT.] [MIXED INS. Asso.] [MUTUAL INS. Asso.] [PAID-UP CAP.] [PROPRIETARY INS. COS.] [UNCALLED CAP.]


CAPITANA.-Formerly the principal galley in a Mediterranean fleet-the Admiral's ship. CAPITOLO DEL REY EN PERE.-A Statute on maritime affairs promulgated in Barcelona in 1340 by King Peter IV. [BARCELONA, INS. ORDIN. OF.]

CAPITULARE NAUTICUM.-A code of maritime law composed in Latin, and pub. in Venice in 1255. [VENICE.]

CAPITULATE. From the Lat. Capitulo, to treat upon terms. Hence CAPITULATION : the treaty which determines the conditions under which a place besieged is abandoned to the commanding officer of the besieging army. Many questions have arisen regarding ships of neutral nations lying in the harbours of besieged ports; but these are all to be determined by the rules of international law. It is sufficient to say, in the words of Sir Wm. Scott [Lord Stowell], "A broad distinction has usually been taken between property afloat and property on land."-See Jacobsen, 1818, p. 502. CAPMANY, DON ANTONIO DI, a Spanish Historian and Legislator.-He pub. among various works the following, relating more or less to the hist. of marine ins.: In 1779, Memorias Historicas Sobre la Marina, Comercio y Artes di Barcelona, wherein he confuted the errors of many previous writers. In 1791, Codigo de las Costumbres Maritimas de Barcelona, etc. The first vol. of this work contains a new ed. of the Consulado del Mare, under the title of Libro des Costumbres Maritimas, accompanied with learned annotations and commentaries, as well as with the more recent Spanish maritime legislation. M'Culloch speaks of this work as "worthy of the high reputation of its author." [BARCELONA, INS. ORDIN. OF.] [SPAIN, INS. ORDIN. OF.] CAPPER, CHARLES, M.P., the late, was Chairman of the Gt. Britain L. Was Man. of the Victoria Docks, and afterwards Chairman of the Southampton Dock Co., and also of the Dagenham Dock Co. He gave evidence before the Select Parl. Committee on Fires in the Metropolis in 1862; but as the same chiefly applied to the provisions against fire at the various docks, under which heads it will be found noted, we need not reproduce it here.

CAPSTAN. A mechanical contrivance used to work ships' cables. Said to have been first invented by Sir Samuel Morland, who died in 1695. He prob. was only an improver. CAPTAIN.-A title derived from Capitano-head over everything. The captain of a merchant ship is a certified officer in the mercantile marine, entrusted with the entire charge of a ship, both as regards life and property, while on a voyage. CAPTAIN'S ADVENTURE.-Goods taken to sea by the captain of a vessel for his own benefit as a trading venture. Such goods are ins. by the marine offices.

The Ordin. of France says: The master who may have ins. made on goods laden on his vessel shall, in the case of loss, be obliged to prove the buying of them, and produce a bill of lading signed by the purser or mate. The Ordin. of Bilboa says: The captain or master that shall load goods in his ship for his own account, or by commission, and shall get them insured, shall be obliged to leave in the power of a person of the insurer's allowing, a bill of loading and invoice, and account of them and their value, signed by the pilot or mate of the same ship; under penalty of the ins. being vacated in case of misfortune. We do not intend to pursue the subject. The above provisions show the precautions which are deemed necessary in such cases in the interest of the underwriters. [MASTER OF A SHIP.] CAPTIVITY, INS. AGAINST.-Admitting, as it must be admitted, that marine ins. claims the greater antiquity, we can readily see how, out of the development of maritime commerce in earlier times, there arose the necessity for the class of Ins. of which we are now about to treat, viz. INS. AGAINST CAPTIVITY. Under ALGERINE PIRATES, and also under BARBARY, we have in some sort prepared the reader for considering this branch of ins. Almost the only fact concerning it which we have not succeeded in fully unravelling is, at what period of time ins. against captivity commenced.

In a work called Le Guidon-supposed to have been written some three centuries ago, but first brought into note by M. Cleirac, in 1661-this class of ins. is fully set forth as follows:

1. In other countries, where the bodies of people may be captured and reduced to bondage, there are various usages for the ins. of the body and lives of men, whether they be of free condition, or slaves, which customs will not be mentioned here, because in France, men of whatsoever nation are of frank and free condition.

2. Notice only will be taken of what is practised in this country [France] by those who undertake distant voyages, as to the coast of Italy, Constantinople, Alexandria, or other like voyages in the Mediterranean and Atlantic Seas, on account of the fear which they have of the galleys, fustes, and frigates of the army of the Turk, or Corsairs, who make a traffic of the sale of Christians, whom they capture as well on sea as on land; which creates occasion for the masters and captains of this country, when they undertake such voyages, to stipulate with their merchant freighters, or others, for the restitution of their persons, in case they are captured; and this they can do even for the people of their crew. 3. In such a case, the master must, in the pol., estimate his ransom, and that of his companions, at so much per head; declare the name of the ship, the stay or touchings which it will make, the duration of each stay, and to whom the ransom is payable. The insurer is bound to pay the sum ins. for the ransom 15 days after verification and certification of the captivity, without waiting for the usual two months' delay; and without other formality of seeing freightage, bill of lading, or charter party, it will suffice to produce the attestation of capture and the policy.

4 Pilgrims going to the Holy Sepulchre of Jerusalem, or on other distant voyages, may effect ins. for their redemption, valued at a given amount. Description shall besides be made of their persons, names, surnames, country, abode, age, and rank; and, moreover, limit shall be made as to within what time they undertake to make and accomplish the voyage; the longest period shall be of three years inclusive, without admitting excuse of illness, or other detention whatsoever. In imitation of the preceding, those who undertake journeys or vows for a lengthened period, or a passage from one country to another, may insure for their ransom.

It has been considered by some writers that the mention of ins. in the Laws of Wisby, under date 1541, related to ins. against captivity; but we do not place very much reliance on this code.

Malynes, an old English writer upon Marine Ins.,-his work, Lex Mercatoria, pub. 1622, -speaks of a species of ins. practised in his time, in the case of travellers undertaking a voyage to Jerusalem or Babylon; but as it appears more nearly to resemble Life than Captivity Ins., we reserve his statement for that head. See also CASUALTY INS. The famous Ins. Ordin. of France, 1681, contains the following:

IX. All seamen, passengers, and others may have ins. made on themselves against slavery. In this case the pol. shall contain the name, country, and place of abode, age and quality of the person whereon ins. is made; the name of the ship, of the port she departs from, and whither she is ultimately bound; the sum which shall be paid in case of capture, as well for the ransom as for the charges of return; to whom the money shall be paid; and the penalty for non-payment.

X. We forbid making ins. on the lives of any persons.

XI. Those, however, who shall redeem captives may ins. on them the price of their ransom, which the insurers shall pay, if in their way back they be retaken, killed, drowned, or if they die otherwise than by a natural death.

Valin, in his Commentary, says: "By application of the disposition of the abovementioned article to a similar case, the custom hath been introduced in France, with regard to voyages to Guinea, to insure black captives [slaves] from thence to the Colonies." Molloy, writing in 1682, says: "Assurances .. may be made on the heads of men, as if a man is going for the Streights, and perhaps is in some fear that he may be taken by Mores or Turkish pirates, and so made a slave, for the redemption of whom a ransom must be paid, he may advance a premio accordingly upon a pol. of assu., and if there be a caption, the assurer must answer the ransom that is secured to be paid on the policy." It does not seem clear whether the Amsterdam Ins. Ordin. of 1598 contained any provisions regarding ins. against captivity; but a new amplification of the Ordin., promulgated about 1688, provides as follows:

That in like manner it shall be permitted to ins. the simple ransom or redemption of captains and sailors who run a risque of being taken by corsairs, and that upon pol. (of which the plan shall be given herewith), the which ought to be marked by the Sec. of the Chamber, who shall have three stivers for each, as for other pol., upon penalty that if they are not marked by the said Sec., they shall not be valid; and that the brokers who shall make any pol. in a different manner shall pay 50 guilders mulct for each, etc.

A form of pol. is provided by this Ordinance. [See 1744.]
Leybourne, in his Panarithmologia, pub. 1693, says:

Some assurances are likewise made on the heads of men; as if a man going for the streights, and, perhaps, is in some fear that he may be taken by Moors or Turkish pirates, and so made a slave, for the redemption of whom a ransom must be paid, he may (ere he goes on ship-board) go to the Ins. Office and advance a prem, accordingly upon a pol. of assu.; and if he be taken into slavery in the voyage, the assurer or assurers must answer the ransom that is secured to be paid on the pol.

The expression that he may "go to the Insurance Office" requires explanation.


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