Many persons insuring ships for large premiums became bankrupt,
thus ruining or impoverishing many merchants and traders. So the
king was authorized to grant charters to two distinct corporations
for the insurance of ships, goods, and merchandise or going to sea
or for lending money upon bottomry (money to be repaid upon return
of ship). Each corporation had to pay 300,000 pounds to the
Exchequer and to have sufficient ready money to pay for losses
insured by them. They were to raise capital stock and could make
calls of money from their members in proportion to their stocks
for any further money required.
Any owner, master, or mariner who casts away, burns, or otherwise
destroys to the prejudice of underwriters of policies of insurance
or of any merchants whose goods have been loaded on the ship shall
suffer death.
The owners of ships are not liable for losses by reason of theft
without their knowledge by the master or mariners of goods beyond
the value of the ship. This is to prevent the discouragement of
owning ships.
The insurance of merchant ships must give salvage rights to the
insurer. A lender on bottomry shall have benefit of salvage. No
insurance may be for a greater amount than the value of one's
interest in the ship or in the goods on board.
No waterman carrying passengers or goods for hire e.g. by
wherryboat, tiltboat, or rowbarge, on the Thames River may take an
apprentice unless he is a housekeeper or has some known place of
abode where he may keep such apprentice or forfeit ten pounds, and
if he can't pay, do hard labor at the House of Correction for 14-
30 days.
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