Definition of "Bottomry"
Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a ship was canceled if the ship failed to return to its port. This concept was adopted by Lloyd's of London in the 1600s when insuring England's merchants for goods shipped to the colonies. The formation of property and casualty insurance companies worldwide began by insuring the transport of merchandise over bodies of water.
Popular Insurance Terms
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Premium rate charged by the insurance company (insurer), which is below the standard rate. ...
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Coverage for acts or omissions committed by an agent or broker resulting in adequate insurance in the event of a liability suit or property damage to a client. ...
Insurance company's investments in assets other than in companies it controls and/or companies with which it shares common ownership, stocks, and bonds. ...
Insurance company that is licensed by a state to market and service particular lines of insurance in that state. ...
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