If Jim finds 100 more people who are willingto give him 10 bucks each to cover their phones, he has 1,000 dollars. If one of those 100 people loses their phoneand Jim pays 100 dollars as compensation, he still has 900 bucks.
This insurance idea has been floating aroundsince the ancient Chinese and the Babylonians spread their shipping risks. But it wasn’t until around the 17th centuryin London that modern insurance really took off. Merchant marine men and traders often hungout in coffee shops in the business district of London, and while drinking copious amountsof coffee, the idea of modern day insurance was born. Lloyds of London, the heart of worldwide insurance,was developed inside one of these coffee houses and here’s how it worked. First, you have the client.
Say the client has a ship that he is nervousabout losing to pirates offshore, or perhaps the vessel will be destroyed in bad weather. The client approaches an insurance broker. The broker looks at the ship, or pays someoneto look at the ship, and they decide how much the total value of that ship is worth. The broker then assesses the risk. He asks the client where he is traveling toand what cargo he will be carrying. With all this information, he draws up aninsurance policy which he shows to the third person in the chain - the underwriter. For a cheaper premium, the underwriter mayexclude a few risks. And for a few more bucks, he may include someextra risks.'
Now there are normally lots of underwritersapproached, but one will be the lead, and the lead underwriter, like Jim, will normallytake the largest proportion of the risk and sign his name first on the policy document.
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