Securing against a potential financial loss is actually something that people have been doing for a very long time. It goes back many thousands of years. Insuring instruments of the past would likely take a very different form than we recognize today.
Some early forms of a written guarantees of delivery were likely the first candidates, these would be considered cargo insurance today, and may have been underwritten by everyone from the ancient Pharaohs to the nights Templar, monarchs and aristocrats, even the Vatican. Who might have done it first can probably never be known. It's quite possible that the Egyptians adopted the practice from the Sumerian culture.
The organized insuring capital that has evolved into the modern insurance industry we find familiar today, is most often attributed to Lloyd's of London. These Lloyd's groups first ventures as well took the form of Cargo delivery guarantee's. After gathering some profit and loss experience, the groups began extending coverage offerings to also include the value of the vessels that carried the cargo.
In 1688 a group of business men met at Mr. Edward Lloyd’s Coffee House
Tower Street in London. At this particular meeting the subject was the formation
of a cargo Insuring syndicate. The first known printed mention of the Lloyd’s
coffee house is said to have appeared in late 1680
with an advertisement in the London Gazette. In 1860 an advertisement offered a reward of
one guinea for
information about stolen watches in the city. The reward could be collected at
the Lloyd’s Coffee
House on Tower Street.
About the same time in history, England was
experiencing an increase in demand for coffee as well as an increasing demand
for marine cargo coverage to insure those vessels that were shipping the coffee
and other goods from around the world.
London coffee houses, the first being opened in 1652.
provided a meeting place in the city of London for where merchants could meet
and talk over there various business enterprises. Their popularity as places for business
transactions established very quickly.
When the English Civil War ended, the importance of London as
international trade center resulted in a steady increase in demands for insurance
coverage of all types,
though primarily for ships and their cargo.
Business was conducted in less formal manner than it is today.
Property Insurance covers the risk of property loss in a variety of situations, including commercial buildings, equipment, furniture, fixtures, inventories, business records, supplies and other physical items.
Your Property coverage may offer two types of property protection:
Direct losses may be covered when property is lost, stolen, damaged or destroyed.
Indirect or consequential losses related to direct losses may also be covered.
Finding Home and property Insurance with Bad Credit
Economic challenges can sometimes result in dings
that adversely effect a consumers credit standing. Homeowners with Credit problems can still obtain quality property and home insurance through our Non Credit Scored
London Markets. These programs are rated differently and are often issued on special custom homeowners insurance policy forms rather than traditional policy offerings. Some insurance markets may limit their Non Credit Scored homeowners insurance offerings to an HO1 or HOA type policy for owner occupied and DP1,
DP2 and DP3 policy forms for tenant occupied rental properties.