Brief background of marine insurance

As with any other commercial activity, insurance plays a large role in the marine sector.

Marine insurance as we know it today actually has its roots in a specialized chamber of assurance that was created in England in 1601. This chamber was considered separate from the other Courts back then. In fact, marine insurance is considered to be one of the oldest – if not the oldest – type of insurance.

With the establishment of Lloyd’s of London and other similar companies, a standardization of marine insurance as a practice became necessary. Centuries later, in 1906, the Marine Insurance Act was formalized and became the basis of modern marine insurance (as well as other general types of insurance) today.

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