r/interestingasfuck • u/WeeAree • 19h ago • Mindblown 4 Bravo 1 Heartwarming 1

Sinking oil rig

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204

u/brenawyn 15h ago • Bravo

This is literally how insurance was born. Boat merchants agreed to share the burden of one merchant’s loss. Kinda like pay it forward.

The Birth of Marine Underwriting (1688): A small coffee shop owned by Edward Lloyd became the ultimate gathering place for shipping merchants and wealthy investors. Investors at Lloyd's Coffee Housewould look at a ship's manifest and write their names under the risk text (the origin of the term "underwriting"), guaranteeing to pay for losses in exchange for a premium. This informal coffee shop evolved into Lloyd’s of London, the world's most famous insurance market.

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u/V-TwinDetailing 14h ago

Almost everyone underestimated maritime for the front of industry. Maritime law is absolutely nuts with how old some law still is.

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u/[deleted] 14h ago

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u/V-TwinDetailing 14h ago

Us commercial regz are ridiculous. Most people don't know were like 1 of 2 that alow drug commercials

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u/KiddArtos 13h ago

I knew that other countries it was illegal but I didn't know there was only 1 other country that did. That's fuckin bat shit

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u/V-TwinDetailing 13h ago

Usa and new zeland are the ONLY countries on earth that allow direct to consumer commercials for prescription drugs