1. HISTORICAL PERSPECTIVE

Insurance for merchant adventurers and container operators

Lloyd’s SG form catered for the merchant adventurer. The same form of policy was available to cover both the ship and the goods which the merchant adventurer—very often the owner or the master of the ship—had purchased or contracted to carry to distant parts of the world. On disposal of the outward cargoes at destination, the merchant adventurer would reckon to have the means, perhaps with something in hand, to purchase a homeward cargo, from the sale of which he would expect to be able to pay off his crew, refit and reprovision his ship and still be able to show a profit for himself and his co-adventurers.