London Marine Insurance 1438-1824
Title Details

304 Pages

23.4 x 15.6 cm

6 tables, 3 b/w illus.

Imprint: Boydell Press

London Marine Insurance 1438-1824

Risk, Trade, and the Early Modern State

by Adrian Leonard

  • Description
  • Contents
  • Author
  • Reviews
The first comprehensive history of marine insurance transacted in London from the industry's beginnings, to the early-nineteenth-century, when legislative change ended parliamentary monopolies over the business.


This book describes the development and evolution of the customary, legal, and commercial institutions of marine insurance, alongside its developing organisational structures. It analyses major market interventions during the period, including state-sponsored initiatives in the late sixteenth century, the introduction of new corporate forms in the early eighteenth century, and the formation and maturation of Lloyd's of London. The book examines the impact of crises such as the Smyrna catastrophe of 1693 and the South Sea Bubble, and makes comparisons with developments in other marine insurance markets. In revealing how the London insurance market changed over centuries, the book discusses issues of risk and uncertainty, the financial revolution, the development of trade, and the reciprocal developmental roles of markets and the state. Overall, it highlights the ways that efficient and effective marine insurance capable of adapting according to circumstance was vital to the growth of trade and the economy.
Introduction
1. The merchant-insurers' system: London marine insurance to the 1570s
2. 1570-1688: Buyers and the first intervention
3. 1688 to 1720: The sellers' intervention
4. To 1824: Lloyd's and the common law
5. Conclusions

Appendix: Some London underwriters active 1690-1717
Bibliography

A. B. Leonard is Associate Director of the Centre for Financial History at the University of Cambridge.

"Greatly advances our understanding of the early history of Britain's most important marine insurance market. It demonstrates the scope and flexibility of marine underwriting in London and its growing comparative advantage over rival European centres such as Antwerp and Amsterdam." THE LONDON JOURNAL
"This is an extremely thorough, wide ranging, and detailed institutional analysis of the development of marine insurance over the centuries making London a world leader in this market. This volume will represent the standard work on the development of marine insurance for some time to come." JOURNAL OF BRITISH STUDIES

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9781783276929

April 2022

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Title Details

304 Pages

2.34 x 1.56 cm

6 tables, 3 b/w illus.

Imprint: Boydell Press