First Known Marine Insurance Contract

The Genoa contract marks the point where shipping risk became something a merchant could buy protection against as a separate deal, the basis of today's cargo and shipping insurance. The document was drafted as a loan whose repayment depended on whether the ship reached Majorca safely, a legal form that moved the risk of loss to one party in return for what was in effect a premium. Genoa's State Archives also hold a 1343 policy covering cloth shipped from Porto Pisano toward Sicily, so the record of the very first policy is not settled. Shippers face a related choice today, deciding whether carrier liability limits are enough or whether to insure high-value cargo.

• Shipping InsuranceCoverage for lost or damaged packages
• Freight ClaimDemand to a carrier for lost or damaged freight
• Carrier ClaimRequest to a carrier to pay for a lost package

• Venetian Arsenalc. 1104 · Venice builds galleys from standardized parts
• Lloyd's of London1688 · A coffee house becomes the market for marine insurance
• Lloyd's Register1760 · Underwriters start grading the condition of ships

• Lex Rhodia de Iactu533, in Justinian's Digest · Ancient rule of jettison behind general average
• Consolato del Mare1494, compiled in the 14th century · Medieval Mediterranean code of maritime law

1. History of insurance en.wikipedia.org
2. Marine insurance en.wikipedia.org