Lloyd's.

Taranaki Daily News, Volume XLVII, Issue 7733, 8 February 1905, Page 4

Lloyd's.

| Lloyd's (says the Scientific Amort- | I can) dates from the latter part of . I the reign of Queen Elizabeth, and I | had its origin in a small colTee-hoiife in Tower-street, kept by Edwai\l Lloyd, lie was an enterprising man, I and through his business contact ) with seafaring men and merchants 'enlisted in the foreign trade, foresaw the importance of improving ship- | ping and the method of marine insurance. lie founded the system of maritime and commercial intelligence j which has been developed into its present effectiveness. Het'ore the time of Edward Lloyd maritime insura'nee was conducted in England by the Lombards, some Italians who founded Lombard-street, but after Lloyd embarked in Uie business Britons 'conducted marine insurance in London. | The subjects of marine insurance are the ship, the cargo, and the freight, all of which belong to dif- : ferent parties. In time of war there . is what is termed the maritime risk ! —the danger from accident) collision, I land S|ti-anding—which is distinctly se- , seizure by an enemy. This class 01 ' 'marine insurance had its .inception I in the conditions aris'ing during the . seven-year French-Eng'liS'h war of 1757 and 1703. Lloyd's moved to Pope's Head Al--ey. in 1-770) l and in 1774 removed to the present quartets in the Koyni Exchange. In 1871 Lloyd's was in- ] corporated by act of Parliament. This act defined the objects of the society to be —(1) The carrying oil of the business- of marine insurance ' by members of the society ; (2|) the protection of the interests of members of the society in respect of shipping, cargoes, and freights ; (M) the collection, publication, and dif- ' fusion o,f intelligence and information with respccl to shipping!. The corporation of Lloyd's and the committe of Lloyd's, who are the executive body of the corporation > and the secretary of Lloyd's, have J practically nothing to do with ninr--1 ine insurance in the way of taking risks or paying losses. Their duty in this respect is to afford marine 5 insurance brokers whq wish to effect insurances a jJlace of meeting with J those who undertake the risks.