PreviousNext
Page 733
Previous/Next Page
William Falconer's Dictionary of the MarineReference Works
----------
Table of Contents

I

IN to ISLAND OF ICE
IN
INSURANCE
IRON-GARTERS
IRON-WORK
ISLAND OF ICE


Search

Contact us

INSURANCE

INSURANCE, (assurence, Fr.) a certain contract, by which an individual, or company, agrees to indemnify whatever losses or damages may happen to a ship or cargo, during a voyage, provided they are not occasioned by default of the person insured. For this agreement the latter pays a certain sum in advance, called the praemium, which accordingly falls to the insurer, in case the ship arrives in a safe harbour; but if the ship is lost, the insurer renders the stipulated sum to the merchant.


Previous Page Reference Works Next Page


© Derived from Thomas Cadell's new corrected edition, London: 1780, page 162, 2004
Published by South Seas, using the Web Academic Resource Publisher
To cite this page use: http://nla.gov.au/nla.cs-ss-refs-falc-0733