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3 Part 2 Indian J. Integrated Rsch. L. 1 (2023)
Evolution of Marine Insurance: From Ancient Seas to Modern Commerce

handle is hein.journals/injloitd5 and id is 179 raw text is: Indian Journal of Integrated Research in Law EVOLUTION OF MARINE INSURANCE: FROM ANCIENT SEAS TO MODERN COMMERCE Treasa George, Government Law College, Ernakulam ABSTRACT The journey of marine insurance, from ancient maritime trade to the modern business landscape, reflects the evolution of risk management. Insurance, guarding against financial losses, involves compensation for a fee. Marine insurance, tracing back to maritime practices like bottomry and respondentia bonds, emerged as a response to perils of the sea, forming the foundation for today's insurance principles. Originating in Lombardy, cities like Florence and Genoa played key roles in marine insurance's development. The introduction of insurance premiums in Venice in 1255 marked a turning point, allowing compensation for losses due to piracy and spoilage. By the 14th century, Genoa had become a hub for insurance activities, with dedicated brokers facilitating its growth. The impact of Genoese and Florentine practices led to the comprehensive statutes of Barcelona in 1484, which greatly influenced European insurance law. In England, the Lombards' presence shaped marine insurance, and Lloyd's coffee shop became a focal point. India's insurance evolution, rooted in ancient practices and influenced by England, culminated in the Indian Marine Insurance Act of 1963. In summary, the voyage of marine insurance highlights its historical significance, its role in trade and navigation, and its enduring relevance as a tool for managing uncertainties. Page: 1 Volume III Issue IV I ISSN: 2583-0538