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On the Progress of Fire Insurance in Great Britain, as compared with other Countries*

Published online by Cambridge University Press:  18 August 2016

Samuel Brown
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Extract

The system of fire insurance has been practised in Great Britain, either by private societies, public companies, or corporate bodies, for more than 180 years. In an article on fire insurance in Vol. XII., Part II., of the Encyclopædia Britannica, 8th edition, recently published, Mr. F. G. Smith draws attention to the various attempts which were made to interest the Corporation of the City of London in the subject, and to the proposals which for this purpose were submitted to the Court of Common Council between the years 1669 and 1680, and more especially to one from Mr. Deputy Newbold, which appears to have been the most acceptable. The delay which occurred before the report of the Committee was presented, enabled other private individuals to originate a scheme for fire insurance; and by the advertisements of the day it appears that they offered to insure against damage by fire, brick houses at 6d. in the pound, and timber houses at Is. in the pound—rates which showed the little knowledge which at that time prevailed upon the subject, provided sufficient business could be reckoned upon to obtain an average of the risks. On the 13th October, 1681, the Court of Common Council decided to effect fire insurances on houses within the city and liberties, and engaged a sufficient fund and undoubted security by the Chamber of London, on lands and ground rents, to provide for the fulfilment of their contracts. The war that ensued between those private Societies which had been the first in the field, and the city insurers, gave rise to much amusing pamphleteering and advertisements in the Gazette. In 1681, 1682, and 1683, the journals of the Court of Common Council record the signing of many policies, and refer to the discussions and arguments of their opponents; but the city authorities appear to have been soon weary of the scheme, for, by a resolution of the 13th November, 1682, the Court decided to relinquish the business, to cancel the existing contracts, and to return the money accepted for them.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 7 , Issue 5 , April 1858 , pp. 259 - 272
Copyright
Copyright © Institute and Faculty of Actuaries 1857

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Footnotes

*

See note, page 254, Vol. VI.

References

page 259 note † Previously to these rude essays of the Court of Common Council to set on foot a scheme of mutual insurance against loss from fire, it had been a long-established practice to make almost every considerable conflagration a case for an appeal, ad misericordiam, to the parishes in every part of the kingdom where such an appeal could produce a collection at the churches for the relief of the sufferers. The parochial archives of England contain abundant proof of this. The appeals for relief at length became so frequent that traces of serious complaint can be found. Contributions of this kind, which were purely voluntary and eleemosynary in England, were compulsory in some neighbouring countries; and it is a fair query, whether the advanced and well advised laws of compensation for fire, embodied in the foreign codes, are not the development of the ancient Coutumes under that title? For example, there is the custom of Furnes— Article XI of the Law (Cora, or Keure, as it is termed) which was promulgated, in the year 1240, by Thomas, Count of Flanders, and Johanna his countess, which recites the following community of liability:— “In quacunque villa combustio facta fuerit occulte, tota villa statim solvat damnum per illos quos eligent coratores; quod si malefactor sciri potent, bannietur perpetuo, et solvetur damnum de boms ejus; residuum vero cedat comiti. Qui veio de nachbrant acclamatus fuerit, per quinque coratores purgare se potent; alioquin suspendetur, omnia bona sua crunt in gratia comitis, restituto pnus damno illi qui damnum habuet: si prius tamen quenmoniam fecit.”—F. Hendriks.