engleski

Exploring the origins of marine insurance - the insurance function of Roman maritime loan

The concept of insurance, primarily as a principle of reciprocity and solidarity, did not emerge as a result of a single historical period, but rather gradually developed in reaction to the hazards which permanently threatened the human existence. Over the course of history, the risks and possible consequences of seafaring led to various types of damage distribution and contractual transfer of risk. An important development stage was the Greco-Roman institute of maritime loan (fenus nauticum, pecunia traiectitia) as a mean of financing and insuring overseas sales in the Mediterranean. This loan of money constituted a capital that was made available to the merchant for a maritime venture and repayable with very high interest rates on condition that the vessel reached its destination safely. Since the interest rate (praemium periculi) in terms of its value and risk adjustment can be compared to premium, and especially because the risk of commercial journey was transferred to the party not directly participating in the maritime venture, maritime loan is attributed a function similar to modern-day marine insurance. Nevertheless, whether this concept was sufficiently developed at that time, that we can speak of it, originally defined by Jhering, as “the insurance business of the antiquity” (Assekuranzgeschäft des Altertums), is still highly disputed in studies. By focusing on the contract of maritime loan, which was adapted into the existing architecture of Roman legal system and altered to meet the new developments of commerce, this contribution aims to analyse its insurance function. Using the modern insurance concept as a benchmark, the objective of this paper is to examine the coherence between elements of modern insurance (contractual parties, subject of insurance, premium, risk, covered loss etc.) and its historical precursor, and thus provide a modest contribution to the study of the development of marine insurance in the Mediterranean.

maritime loan, marine insurance, premium, risk

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