Mr Broker do you know that the Insurance was prevalent in ancient Babylonia in 2100 BC. They were caravan traders. They developed the code of Hammurabi which guarantee the safe arrival of goods by caravan.
The contract of Bottomry was developed in Greece after the 3rd Century B.C having a similar provision like that of Hammurabi. The Bottomry was for Ship. In a similar way, The Contract of Respondentia was for cargo and freight of the ship rather than the ship.
During the Roman Empire in addition to Maritime risk, agreements for life also evolved as funeral benefits.
The oldest recorded insurance contract is believed to be a document from 1343 in Genoa ( City in north Italy).
The fire insurance came into effect on 1666 the Great Fire of London caused massive damage to property. By 1681 Mr Nicholas Barbon with other associates formed the first fire insurance company "Insurance Office for Houses".
Modern insurance business started in 1688 at Lloyd's Coffee House in London.
"Sun Fire Office" is still running property insurance company started in 1710 it is now known as "Royal & SUN Alliance".
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