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Home / Insurance / Assessment clause in the 1761 maritime policy and reflections on the rapid resolution of controversies | Property Insurance Law Team Blog

Assessment clause in the 1761 maritime policy and reflections on the rapid resolution of controversies | Property Insurance Law Team Blog



I researched the origin of the valuation clause and wrote about one that was found in a property policy from 1793 in A valuation clause from 1793. I came across the same clause in a 1761 maritime policy found in a virtual Harvard library.

The policy bound in New York is before the United States. I continued to look for dollars as currency and saw that the guarantor had written down his interests in pounds. The dollar did not become the currency of the colonies until after the revolution began in 1775.1

An article from Columbia Law Review, Early history of the insurance contract,2 noted an early written form on marine insurance from Genoa. I wonder if it had a valuation clause? I commission our company̵

7;s brilliant head of knowledge, Ruck DeMinco, to carry out that research.

The terms of the proposed $ 1 billion settlement between the classes of victims, defendants and insurance companies in Champlain Towers were posted online shortly after a hearing yesterday. We’ll hear from the judge about his thoughts later this morning – a hearing on the Saturday Memorial Day weekend. Many of my thoughts are on why it takes so long for assessments of certain cases to end controversies about fair damage when I was part of a court decision that many warned that I would continue for a decade but that will be resolved within less than one year from the date of the loss.

Can we accelerate the expectation of the times to complete assessments of complex losses and still do the parties justice?

Today’s thoughts

The true currency of life is time, not money, and we all have a limited supply of it.
– Robert Harris
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1 Newman, Eric P. The Early Paper Money of America, 5th edition. Iola, Wisconsin: Krause Publications, 2008.
2 WS Holdsworth. Early history of the insurance contract. 17 Col L. Rev. 85 (1917).


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