NAVIGATION SYSTEMS AND INSURANCE

Walter B. Potts

Peer Reviewed

Abstract: INTRODUCTION The financial results of navigation-good or bad-are clearly first felt by the Marine Insurance industry. Marine Insurance Underwriters reimburse the vessel owner for the financial consequences of losses and damages occasioned by what are generally termed “perils of the sea” but which include the negligence of vessel personnel-in other words, include the results of human error, In its present form, Marine Insurance can be traced to the fifteenth century but long before that, on the shores of the Mediterranean in the days before Christ, there was a similar type of financial arrangement whereby a merchant. who borrowed to go trading was forgiven hi debt if his venture was wrecked by perils of the sea or errors in navigation.
Published in: NAVIGATION, Journal of the Institute of Navigation, Volume 16, Number 2
Pages: 194 - 195
Cite this article: Potts, Walter B., "NAVIGATION SYSTEMS AND INSURANCE", NAVIGATION, Journal of The Institute of Navigation, Vol. 16, No. 2, Summer 1969, pp. 194-195.
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