bottomry การใช้

• A bottomry would be taken, but the repayment would be contingent on the ship successfully completing the voyage.
• Additionally, subsidiaries offer securitization, securities brokerage, mutual investment and bottomry, insurance and factoring, among others.
• The Code of Hammurabi describes a form of "'bottomry "'which is a risk transferring technique.
• With bottomry and catastrophe bonds, you receive a loan up front and only pay it back with a premium if the risk event doesn't occur.
• The name and the principle have passed into Scotland's civil law system, which distinguishes between conventional hypothecs, as bottomry and respondentia, and tacit hypothecs established by law.
• This established a system of bottomry ( whereby the ship master would take a loan and then use the ship itself as collateral against it ) and is seen as an early form of merchant and marine insurance dating back to around 1772 BCE.
• Its ancient Greek form, as described by Demosthenes, was what is now called by the splendid name of " bottomry . " It was not a direct transfer of risk, but rather a conditional loan : The insurer staked the merchant to a sum of money in advance of the voyage, which was to be repaid with ( considerable ) interest if the voyage succeeded-- but forgiven if the vessel was lost.
• This occurs, for example, where the ship needs urgent repairs during the course of its voyage or some other emergency arises and it is not possible for the master to contact the owner to arrange funds, allowing the master to borrow money on the security of the ship or the cargo by executing a libel against the ship, the use of bottomry bonds declined greatly in the 19th century and the subject is today of interest only to legal historians.