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Speculating On Ships

Speculating On Ships image
Parent Issue
Public Domain
OCR Text

When a siiip is óverdue, au opportunity is sometimes afforded for a gainblc at Lloyds. It can be readily understood that underwritera who are interested in the "overdues" are only too willing to get rid of the risk by paying a premium on the insured rate to those who are willing, on their terms to relieve them of their responsibilities. The premium varies with the chances of the vessel turning np ; the smaller the chances the higher the premium and vice versa. The rates paying on "overdues" serve as accurate barometers of the probabilities or otherwise of the ship ever being heard of again. These underwriters who speculate on "overdues" are generally known by the significant name of "doctors." The insurance on an "overdue" may pass through many channels before the ship is, on the one hand, "posted" at Lloyds as "missing," or, on the other hand, she arrivés in safety. A ship is never "posted" until the committee is thoroughly satisfied that her case is hopeless, and uutil the owner is of the same opinión. Before "posting" a notice is put up for a week inviting any information cbncerning the vessel. If this elicits no news, the committee at its next meeting votes the ship as "missing, " and a notice is posted aecordingly. The loss is then settled and paid for. It may be incidentally remarked that "posting" at Lloyds constitutes a legal death certifícate for any


Ann Arbor Argus
Old News