A HANDBOOK TO MARINE

INSURANCE

CHAPTER I.

A SUMMARY OF THE HISTORY OF MARINE INSURANCE

To many men the study of history has a fascination all its own, and it may be remarked with truth that a knowledge of the traditions of his calling should be of the greatest assistance in guiding the business man of to-day in arriving at correct decisions in the crises with which he has to contend. It is a truism that history has a tendency to repeat itself; therefore a grasp of the effect that various events have had upon the course of a particular business in the past should serve to indicate the probable results of similar circumstances should they arise in the future. Moreover, a survey of the past associations of such a wellestablished field of business endeavour as that of marine insurance cannot fail to inspire the student with a desire to live up to the standard of enterprise and integrity which has always been its outstanding feature.

The utility of research into past events has been well expressed by Emerigon, a famous French jurist, who, in his preface to A Treatise on Insurances,"

remarks:

"Researches into the antiquity of maritime jurisprudence will not appear useless to persons who will remark that these ancient doctrines, several of which are now obsolete, are still the foundation of those now in force; and that consequently it is difficult to comprehend many