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The insuring of ships is as old as the laws of Oléron and Rhodes whose inhabitants were the great traders of the world.1 The term insurance (formerly called assurance) is of Italian origin, and derives from ‘polizza', as promise or undertaking.2 As mentioned in The Sadlers Company v Badcock,3 insurance was related to aversio periculi which indicated the intention of all insurances being to avert any damages or loss the insured might sustain. In the English jurisdiction the earliest forms of policies were marine, life, and fire,4 among which marine insurance was the first to emerge.5
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