Maritime averages and the complexity of risk management in sixteenth-century Antwerp
This article aims to explain the hitherto unexplored role of General Average and other forms of maritime averages in risk management in sixteenth-century Antwerp. Whereas most scholarly attention has focused on insurance, this article makes the case that maritime averages also were an important too...
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doaj-9136a31e5daa4618b7ce2bd9677b7fe32021-10-02T12:28:03ZengOpen JournalsTijdschrift voor Sociale en Economische Geschiedenis1572-17012468-90682020-10-0117210.18352/tseg.1101Maritime averages and the complexity of risk management in sixteenth-century AntwerpGijs Dreijer0Vrije Universiteit Brussel This article aims to explain the hitherto unexplored role of General Average and other forms of maritime averages in risk management in sixteenth-century Antwerp. Whereas most scholarly attention has focused on insurance, this article makes the case that maritime averages also were an important tool to manage risk. The article highlights four major developments: first, concrete causes were incorporated under the General Average principle to cover uninsurable expenses and protection costs; second, General Average payments could be recovered via insurance; third, individual merchants sought to assess risk more precisely, developing new varieties of maritime averages themselves; and fourth, the protective foreign merchant guilds developed compulsory contributions based on General Average. The article also adds to related discussions on mercantile conflict resolution and commercial law. https://openjournals.nl/index.php/tseg/article/view/8368Antwerp16th centuryinsuranceGArisk |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Gijs Dreijer |
spellingShingle |
Gijs Dreijer Maritime averages and the complexity of risk management in sixteenth-century Antwerp Tijdschrift voor Sociale en Economische Geschiedenis Antwerp 16th century insurance GA risk |
author_facet |
Gijs Dreijer |
author_sort |
Gijs Dreijer |
title |
Maritime averages and the complexity of risk management in sixteenth-century Antwerp |
title_short |
Maritime averages and the complexity of risk management in sixteenth-century Antwerp |
title_full |
Maritime averages and the complexity of risk management in sixteenth-century Antwerp |
title_fullStr |
Maritime averages and the complexity of risk management in sixteenth-century Antwerp |
title_full_unstemmed |
Maritime averages and the complexity of risk management in sixteenth-century Antwerp |
title_sort |
maritime averages and the complexity of risk management in sixteenth-century antwerp |
publisher |
Open Journals |
series |
Tijdschrift voor Sociale en Economische Geschiedenis |
issn |
1572-1701 2468-9068 |
publishDate |
2020-10-01 |
description |
This article aims to explain the hitherto unexplored role of General Average and other forms of maritime averages in risk management in sixteenth-century Antwerp. Whereas most scholarly attention has focused on insurance, this article makes the case that maritime averages also were an important tool to manage risk. The article highlights four major developments: first, concrete causes were incorporated under the General Average principle to cover uninsurable expenses and protection costs; second, General Average payments could be recovered via insurance; third, individual merchants sought to assess risk more precisely, developing new varieties of maritime averages themselves; and fourth, the protective foreign merchant guilds developed compulsory contributions based on General Average. The article also adds to related discussions on mercantile conflict resolution and commercial law.
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topic |
Antwerp 16th century insurance GA risk |
url |
https://openjournals.nl/index.php/tseg/article/view/8368 |
work_keys_str_mv |
AT gijsdreijer maritimeaveragesandthecomplexityofriskmanagementinsixteenthcenturyantwerp |
_version_ |
1716855798537125888 |