Ocean Floor

A Brief History of Risk, Mutual Societies, and How Inland Marine Got Its Name

The concept of performing evaluations of risk pertaining to various behaviors and assigning a dollar value relative to that perceived risk has been around for centuries.

How well an insurer determines what to charge for a specific risk and how accurate their assessment is will in turn determine how much (or how little) profit there is to be made. The assessment, or rating, of risk would be done for every industry, and inland marine rating would one day be one of them.

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