The History Of Travel Insurance

The History Of Travel Insurance - Sometimes it seems that the insurance can not be over a hundred years. after all, before 1900, there were few people owned cars, mostly built their houses by hand and do not undertake a loan huge bank it, and there was almost no overseas travel (after all, many people had to walk for a whole day to reach the nearest town!). In fact, insurance in general (and even travel insurance) has been around for thousands of years. We came from ancient Mesopotamia in the 21st century, exploring how it has changed the insurance.

The concept of insurance is that many people pay a relatively small central institution for protection against financial loss if an adverse event occurs amount. As for travel insurance, travelers pay a small premium before your trip, and can obtain the protection of the loss that would be incurred if they became ill abroad have been victims of crime, or inadvertently have damaged the property of someone else, as well as a variety of other circumstances.

First insurance policy
These were signed 3,000 years before the Common Era (BCE), for all we know, and we participate Mesopotamian merchants who pay operators caravans of a "risk premium" to protect their assets in case damaged or taken. In a sense, it was a travel insurance for your luggage! In 1750 BC, the Code of Hammurabi created the first marine insurance, the "gross" terms and "respondentia" meaning "the loss of the hull protection" and "protection against loss", respectively.

Early modern insurance
In 1574, Queen Elizabeth I granted the right to establish an insurance office in the Palais Royal Exchange to a man named Richard Candler. A quarter century later, in 1601, legislation on the recognized insurance for the first was formalized, the law on guarantees. The law says "With the insurance policies that have occurred in the loss or perish of a ship, not follow, the bane of every man, but shines loss quite easily to many largely of a few, and rather on them this adventure, not of those who make the adventure. "

In 1666, the Great Fire of London occurred, and the idea of a fire broke out shortly after. By the 1690s, the British insurance companies had realized it would be wise to protect your investment against another fire like and formed the first bodies of professional firefighters!

The industrial revolution
During the Industrial Revolution, Benjamin Franklin began to Philadelphia Contributionship Insurance of Houses from Loss by fire. This insurance agency refused to provide the houses where the risk of being decoyed by fire was too great - all wooden houses were rejected.

Modern insurance policies - the effect of the Internet
Today, you can make almost anything you want. While common insurance policies include home, auto, life, travel, income and property, some people have also been known to make things like her crossed eyes (Ben Turpin) and the sense of humor (Rich hall).

Home insurance travel insurance depends on who tells your individual circumstances insurance company related to the risk of certain side effects happen to you today, the company from statistical data to assess the risk and the implementation of a premium (monthly or annual payment) for you to pay to be insured against certain things happening.

One of the major changes in modern insurance is the advent of the Internet. This has not only caused information about more freely available risks but also freed consumers find the best insurance offers travel with relatively little effort. This market strength means that travel insurance is more affordable than ever today.