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Staying AfloatRisk and Uncertainty in Spanish Atlantic World Trade, 1760-1820$
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Jeremy Baskes

Print publication date: 2013

Print ISBN-13: 9780804785426

Published to Stanford Scholarship Online: January 2014

DOI: 10.11126/stanford/9780804785426.001.0001

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Underwriting Risk: The Structure and Organization of Insurance Partnerships in Late Eighteenth-Century Cadiz

Underwriting Risk: The Structure and Organization of Insurance Partnerships in Late Eighteenth-Century Cadiz

Chapter:
(p.179) Chapter 7 Underwriting Risk: The Structure and Organization of Insurance Partnerships in Late Eighteenth-Century Cadiz
Source:
Staying Afloat
Author(s):

Jeremy Baskes

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804785426.003.0007

The Cadiz-based insurance industry grew dramatically in the 1780s and 1790s as well-to-do merchants formed partnerships to underwrite the risks of oceanic transportation. Chapter 7 explores the financial structure of these newly created partnerships, as well as how their perceptions of the risks of oceanic trade shaped their business models. Company directors were vested with considerable authority to assess risks and underwrite coverage but always with the goal of diversifying and spreading the risk over as many ships and events as possible.

Keywords:   insurance, sea loans, financial instruments, risk, liability, partnerships

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