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The first recorded reference to insurance dates from c.1760BC in the Babylonian Code of Hammurabi. The giant stele, which now resides in The Louvre, Paris, details a collection of 282 personal and commercial laws, including references to loans that a trader could secure on his ship. For an additional cost, it was possible to arrange a loan for the goods they transported so that if the ship sank the loan was not repayable. This was effectively a form of marine insurance — with insurance not as a separate industry to banking, but as an optional add-on to lending.
This is a substantially more cordial law than arguably the most famous one from the tablet: “If a man has destroyed the eye of a man of the gentleman class, they shall destroy his eye…” commonly paraphrased as “an eye for an eye”.
Whilst we cannot help to reduce any eye-watering premiums…. we can assist with finance of your Professional Indemnity Insurance. If you are looking to spread the cost of your insurance, tax, VAT or disbursements over any period we have the expertise to arrange a facility at market leading rates.