Maritime Risk Management

doi:10.3790/978-3-428-58260-0

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Hellwege, P., Rossi, G. (Eds.) (2021). Maritime Risk Management. Essays on the History of Marine Insurance, General Average and Sea Loan. Duncker & Humblot. https://doi.org/10.3790/978-3-428-58260-0

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Maritime Risk Management

Essays on the History of Marine Insurance, General Average and Sea Loan

Editors: Hellwege, Phillip | Rossi, Guido

Comparative Studies in the History of Insurance Law / Studien zur vergleichenden Geschichte des Versicherungsrechts, Vol. 11

(2021)

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Publisher Name: Duncker & Humblot
ISBN: 978-3-428-58260-0
978-3-428-18260-2 (print edition)
DOI: https://doi.org/10.3790/978-3-428-58260-0
Edition: 1
Language: English
Pages: 304
Subjects: Legal history

About The Author

Prof. Dr. Phillip Hellwege M.Jur. (Oxford) ist seit 2010 Inhaber des Lehrstuhls für Bürgerliches Recht, Wirtschaftsrecht und Rechtsgeschichte an der Universität Augsburg. Zuvor war er von 2003 bis 2010 wissenschaftlicher Referent am Max-Planck-Institut für ausländisches und internationales Privatrecht in Hamburg. 2015 erhielt er einen Consolidator Grant des European Research Council (ERC) für ein auf fünf Jahre angelegtes Projekt zur vergleichenden Geschichte des Versicherungsrechts in Europa. Seine Forschungsschwerpunkte liegen im Bürgerlichen Recht, im Europäischen Privatrecht, in der Historischen Rechtsvergleichung sowie in der Geschichte des Wirtschaftsrechts und des Versicherungsrechts.

Guido Rossi is a Reader in European Legal History at the University of Edinburgh. He is interested in medieval and early-modern legal history and the history of commercial and insurance law.

Abstract

Insurance is a legal, an actuarial and a financial product, and it is one out of many risk management strategies. It follows that its history can only be studied in the broader context of the development of such strategies, applying an interdisciplinary approach. The theme of the present volume is maritime risk management. After an overview over the history of insurance, the contributions to the present volume examine different maritime risk management strategies by adopting a variety of methodological approaches. Some contributions focus on normative provisions, others contrast practice with legal scholarship, or focus on the emergence of insurance companies as opposed to individual insurers. Again, other contributions give insights in marine insurance practice in specific cities or analyse insurance practice through the lens of specific insurance litigation. As to the time frame, the different contributions span from antiquity to the nineteenth century.

Section Title	Page	Action	Price
Preface	5
Summary of Contents	7
Maritime Risk Management: Marine Insurance, General Average, Sea Loan	9
A. Introduction	9
I. Insurance as a legal product	9
II. Insurance as an actuarial product	11
III. Insurance as a financial product	12
IV. Insurance as a risk management strategy	13
V. An interdisciplinary approach to studying insurance	13
B. Histories of insurance	14
C. The objective and structure of the present volume	15
Insurance and Wealth: The Historical Trajectory of Changing Markets and Strategies in Insurance	17
A. Introduction	17
B. Identifying risk in society	18
C. Expanding risk and insurance development	21
D. Shifting demand for long-term insurance –the new wealth instruments	24
E. Complex future of risk	32
The Insurance Function of Roman Maritime Loan	35
A. Back to the roots	35
B. Legal nature of maritime loan	39
C. Insurance elements	44
I. Contracting parties	46
II. Insured object	49
III. Risk	51
IV. Premium	54
V. Coverage period	56
VI. Compensation	57
D. Conclusion	58
Maritime Risk Management Instruments in Medieval Castile (Thirteenth to Sixteenth Centuries)	61
A. Risk, damage and contribution in maritime transport	62
B. Maritime trade and royal safeguards	65
C. The development of insurance practice in medieval Castile	67
I. Bottomry	67
II. Premium insurance	69
D. Maritime insurance in the consulate ordinances	72
I. The model policy of Burgos	72
II. The Ordinances of Bilbao	73
III. The Ordinances of Burgos	75
IV. The Ordinances of Bruges	76
E. Conclusion	80
Managing Shipping Risk: General Average and Marine Insurance in Early Modern Genoa	83
A. Insurance and general average in Genoa’s regulations: two parallel approaches to shipping risk management	83
B. The need for consistent regulations and the 1589 Civil Statutes	88
C. Routes and navigation risks: the general average claim reports	93
D. Routes and navigation hazards: policies of Sigortá Marittima	101
E. Conclusion	109
General Average in Scotland during the Sixteenth Century	111
A. Scotting and lotting in the practice of maritime communities	112
B. Marrying practice with theory in books composed by lawyers	121
C. Reconfiguring maritime practice in the courts of the admiral	129
The Ordonnance sur la marine on General Average. Comparative Methods, Legal Transplants, and a European droit commun	139
A. Introduction	139
B. The Ordonnance sur la marine of 1681 on general average	141
I. Distinguishing avaries, avaries simples et particulières, avaries grosses et communes, and menues avaries	141
II. Avaries simples et particulières and avaries grosses et communes: similarities and differences	144
III. Details on the procedure of contribution under avaries grosses et communes	148
C. Comparative methods, legal transplants, anda European droit commun	149
I. The Ordonnace sur la marine of 1681 andthe European droit commun on maritime law	150
II. A comparative interpretation	153
III. Adaptations and innovations	155
IV. From droit commun to a nationalized maritime law	157
D. Conclusion	160
War, Risks, and Speculation: The Accounts of a Small Livorno Insurer (1743–1748)	161
A. The firm	161
B. Facing the insurance market	164
C. The dangers of an open market	168
D. Navigating without a compass	172
E. Boasi’s insurance accounts	175
F. The interest or not interest clause and the Bubble of 1747	180
G. Conclusion: from individuals to companies	184
The Transformation of the Marine Insurance Market in the Seventeenth and Eighteenth Centuries in Spain	189
A. From individual insurers to a system of specialised insurance companies in the seventeenth century	193
B. The predominance of insurance companies in Spanish trading ports in the eighteenth century	199
C. Conclusions	206
Commercial Networks, Maritime Law, and Translation in a Spanish Insurance Claim on Trial in France, 1783–1791	209
A. Commercial choices in a multicentric Atlantic world	213
I. Surviving monopoly: the Basque presence on the Venezuelan coast	214
II. A Cádiz-Marseille financial axis	216
III. Underwriting Atlantic risks from the Mediterranean	219
B. Contract enforcement in a foreign legal foru	223
I. Facts and factums	224
II. Starting the pursuit in two ports	226
III. Rules of engagement in the Admiralty’s eighteenth-century courtroom	227
IV. Timing, evidence, depreciation	230
V. Absurd geographies	238
VI. Expectations halfway met	241
C. Conclusions	243
Governance of General Average in the Netherlands in the Nineteenth Century: A Backward Development?	247
A. Introduction	247
B. The background and mechanisms of general average in the Low Countries	252
C. General average adjustment in Amsterdam in the seventeenth and eighteenth centuries	254
D. The governance of general average in the nineteenth century	258
E. Conclusion	261
Unions and Networks in Nineteenth-Century Antwerp Marine Insurance Industry	265
A. Introduction	265
B. Antwerp as a center of commerce in the nineteenth century	269
I. The Antwerp marine insurance policy of 1824	272
II. Presentation of the Antwerp marine insurance corporations	275
C. Marine insurance cooperation structures	277
I. The marine insurance companies established by Auguste Morel: Bureau Veritas, Bureau Central, 1° Cie and 2° Cie	277
II. Marine insurance corporations form unions	279
1. Première Réunion	279
2. From one to five unions	282
D. Profile of the managers of the marine insurance corporations	288
E. Connections between marine insurance corporations	290
F. Conclusion	293
List of Contributors	297
Index	298

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Maritime Risk Management

Essays on the History of Marine Insurance, General Average and Sea Loan

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