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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.
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© Derived from Thomas Cadell's new corrected edition, London: 1780, page 162, 2003
Prepared by Paul Turnbull
http://southseas.nla.gov.au/refs/falc/0733.html