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A valuation clause from 1793 | Property Insurance Law Team Blog



A story about North America’s insurance company was written in 1885. The book has a copy of a marine insurance from 1794 with standard language that contains an insurance clause:1

Bob Norton of the Insurance Appraisal and Umpire Association (IAUA) had a picture in his educational presentation. He was kind enough to provide the source material to demonstrate this policy and a standard assessment clause.

This shows that the concept of non-legal dispute resolution has long been part of standard insurance. Although we can guess why the policy makers placed these clauses in the policies, I am still looking for that source material as well.

Today’s thoughts

Remember that the most valuable antiques are dear old friends.
-HRS. Jackson Brown, Jr.
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1 The long s, which resembles an ‘f’ but without the crossbeam, was used until the 18th century to distinguish between a hard ‘s’ and a soft ‘s’. Here is the wording of the assessment clause without long s:
And it is agreed that should any dispute arise in connection with the loss of this insurance, it shall be referred to two indifferent persons, one chosen by the insured, the other by the insurer or insurers, who shall have full power to adjust the same; but if they can not agree, then such two Persons shall choose a third; and two of those who agree shall be binding on both parties.


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