On This Day: 23 April 1705

Today I am looking at a small slip of paper with a scribbled receipt on one side. On this day in 1705 Bowrey paid two guineas to William Chapman for an Error in a policy of ye Resolution.

Insurance had been known in what is now Italy in medieval times and was mainly used to insure ships. The marine insurance industry became more developed in London during the 17th century.  Edward Lloyd opened his coffee house around the time Bowrey returned home from the East Indies and, over time, began to specialise in being the venue for arranging insurance on shipping. Both ships and their cargoes could be insured. The coffee shop eventually became Lloyds of London. Bowrey often, or perhaps always, insured his ships.

What is not immediately obvious from this receipt is the error made. Was an overpayment made on a claim or was there an error in the original premium although, from the date, the former is more likely.

I have yet to look at the Resolution‘s papers in any detail but it would appear that this is another of Bowrey’s ships that met with misfortune.

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