Nikhil EPC exclusive Ramcharan Dhruva exclusive

Friday, 21 August 2015

The expansion of English maritime trade made London the centre of an insurance market that, by the 18th century, was the largest in the world. Underwriters sat in bars, or newly fashionable coffee-shops such as that run by Edward Lloyd on Lombard Street, considering the details of proposed mercantile “adventures” and indicating the extent to which they would share upon the risks entailed by writing their “scratch” or signature upon the documents shown to them.

At the same time, eighteenth-century judge William Murray, Lord Mansfield, was developing the substantive law of insurance to an extent where it has largely remained unchanged to the present day – at least insofar as concerns commercial, non-consumer business – in the common-law jurisdictions. Mansfield drew from “foreign authorities” and “intelligent merchants”
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