1903-4.] THE PRINCIPLES OF INSURANCE. 79 
3rd, with a condition that she is to leave her last port of departure before 
noon of December ist, and actually leaves an hour later, the policy is voided. 
Or if a ship on salt water enters a port where pilotage is the rule, she is 
unseaworthy without a pilot, and cannot recover if she runs on the bar 
going out in charge of the captain, even though the latter may have weighed 
anchor in the belief that a pilot was coming on board. Policies often insure 
not only damage to the vessel, but under a collision clause cover damage 
to the other vessel or even the wharf the ship may collide with. Hulls are 
sometimes insured to their full value, though a margin is desirable, under 
which the owner is a co-insurer. Lloyd’s has over 1,500 agents at the prin- 
cipal ports of all countries, who report arrivals and departures and usually 
take charge of damaged vessels and goods. ‘The bills for losses and ex- 
penses are put into the hands of marine adjusters, who peruse the “‘protest”’ 
or account of the accident and distribute the loss according to recognized 
precedents and rules.* 
There are no ready means of ascertaining the amount of ocean marine 
business done in Canada. Practically, all exports by sea are covered. In 
inland marine, $17,676,487 was the amount of all policies taken in Canada 
in 1903, and $76,941 was the net cash received for premiums, and the losses 
incurred were $25,902. There was also a large business done in ‘‘inland 
transit.” 
When we come to the consideration of life insurance, a new element 
enters into our calculations. It is of course possible, as in the instance of 
the policy on Napoleon’s life, just above alluded to, to insure from month 
to month, from year to year, or for a term of a few years. This was indeed 
the common form of insurance wagers upon life in the infancy of the busi- 
ness, and the bets, which were sometimes grossly immoral, were usually 
made between individuals. I myself remember a case in Canada in which 
a gentleman bought a farm and agreed to pay the owner or his widow so 
much a year for life. I visited the widow when she was 103, blind, but a 
good talker still, and an inveterate smoker of habitant tobacco. The heir 
of the insurer had been paying the annuity for twenty years then! But 
the statute of George IV. against gambling insurances turned the current 
of business in the direction of the companies which were then taking shape, 
and it became the custom to insure for sums payable at death. At first, 
age was not much considered; a hale old man was thought as likely to last 
for a year or a short term as a younger one. But when all-life insurance 
came into vogue the system was adopted of paying equal sums, yearly or 
oftener, these premiums increasing with the age of the insured at entry—the 
new element being the rate of interest at which these. premiums could be 
_.* It is a curious fact that there are large marine insurance companies in Switzerland, a country 
without a sea-board, 
