sions-nearly every word having been ruled upon-that to overturn this vast body of insurance law, as touching maritime affairs, was not desirable either in the interest of the insured or the insurer. In other words, the commission said:

"Although the document has been construed to mean in many cases what it does not seem to mean, its construction is so well established that both insured and insurer know their rights under the document. Any new policy must needs await a like construction by the courts and many years would elapse before the doubtful questions could be passed upon."

Fire. This attitude of the commission towards the marine. policy is equally in point in connection with the fire insurance policies in force.

The large number of decisions rendered upon them since that of Massachusetts in 1873, and New York in 1887, make it very difficult to secure any marked amendments to the policy. There is a tendency, as there was in England, to feel that while the language may not seem to state what the courts have ruled it to state, there is at least a solid foundation given to the transaction by the expressed opinion of the court as to what the document means.

In the beginning of fire insurance the policy itself was a simple document. The prospectus, as it was called, was a somewhat wordy paper and by express language was incorporated into and became a part of the policy. It was because of this incorporation of the prospectus into the policy that the policy itself was an exceptionally short affair compared with the modern policies which contain within themselves the whole of the contract.

Policy of 1709. So far as known, no policy issued by Barbon has come down, nor have any others previous to 1709, one issued in that year bearing date of April 14, being among the oldest known policies. It reads as follows:

This present instrument or Policy of Insurance witnesseth that Nathaniell Herne, Esq., and ffelix ffeast, Gentleman, in consideration of the sum of one pound twelve shillings and eight pence in hand paid by Nicholas Herne, Gentleman, for the Insuring of an House situate on the East side of Gracechurch Street and on the South side of the Gateway leading into Boars Head Court, now in the occupation of Mr. Harris, one-third part thereof being of Timber, the rest Brick, for the term of Seaven Yeares from the date hereof, Do desire, direct, and appoint that the Trustees for the Time being for Houses and Lands

settled for the Insuring of Houses against Fire, shall pay or satisfy unto the said Nicholas Herne his Executors or Administrators (or his or their Assigns by Endorsement on this present Policy) the sum of Three Hundred and ffifty Pounds at the end of two months 2 after the said House shall be burnt down, demolished or damnifyed, by or by reason or by means of fire, and so often as any new house to be built in the place thereof shall be burnt down, demolished or damnifyed by or by reason or by means of Fire within the said term of Seaven Years the like Sum of Three Hundred and ffifty Pounds. If the said Nathaniell Herne and ffelix ffeast and their participants or some or one of them, his or their heirs, Executors, Administrators, Agents or Assigns shall not within the said two months pay unto the said Nicholas Herne his Executors or Administrators (or such his or their Assigns) the said Sume of Three Hundred and ffifty Pounds, or in case the said house or such new house be only damnifyed, Then if such house be not repaired and put in so good condition as the same was before at the charge of the said Nathaniel Herne and ffelix ffeast and their participants or some one of them, his or their heirs, Executors, Administrators, Agents or Assigns within two months next after such damnification shall happen.

Witness our hands and seals the fourteenth day of April, 1709. Annoq. Regni Reginae Annae Mag. Brit. et Octavo.

Memorandum. That Two pounds thirteen shillings and fourpence deposited to pay proporson to Losses by Fire for the House above insured and for the next house adjoyning is to bee accompted for att the end of the terme. Sealed and delivered in the presence of

Saml. Calbeck,
Tho. Dickins.

Upon assigning this policy it is necessary that the assignment be Registred in the Office.

Proposals. Owing to their importance, the proposals issued in that day are worthy of special notice. One of the earliest known was published in 1684 by the Friendly Society, as it was called. It reads as follows:

1. Every person entering into this Society is to subscribe an instrument whereby he shall be obliged to submit to a rate or tax, the same not exceeding 30s. for every 100£ he shall secure on any house or houses, when any fire shall happen; which money is nevertheless to remain in his own hands, but to be subject to this condition: That in case any house belonging to any one of the Society shall be burnt or damnified by, or by reason of fire, then every person of the Society is to pay such a proportion of money as will suffice to discharge and satisfie the money secured on any house so burnt or damnified.

2. Every person entering into this Society is to deposite to the undertakers the sum of 6s. 8d. for every 100£ secured as aforesaid, on any house or houses, which is to remain in the hands of the undertakers as a pledge or

caution for the performance of their covenants. And at the expiration of their respective terms for securing their houses, is to be repaid by the undertakers.

3. Every one of this Society is to pay down to the undertakers the sum of 1s. 4d. per annum for every 100£ secured as aforesaid, as consideration for their hazard, charge, and care in executing their office. So that he that will secure 300£ on a brick house must pay per annum 4s. to the undertakers; must deposit 1£ to be paid back at the end of the term for securing their houses; and submit to a rate not exceeding 4£ 10s. to answer any loss that may happen to the houses of the Society. They that secure timber houses are to pay, deposite, and be rated doubly.

The said 4£ 10s. so to be rated upon any casualty by fire for securing 300£ is 45 times as much as was burnt one year with another in 15 years next after the Great Fire within the whole city of London and Liberties, as by the following calculation will appear: In London and the Liberties in the said 15 years there were near 100 houses burnt, which at 300£ a house one with another the loss will amount to 30,000£, which divided into 15 parts makes 2000£ loss every year. Now to repair this loss what must every owner if they were all alike engaged in this Society pay? We answer that supposing, to keep within compass, there are in London and Liberties but 20,000 houses, and they all secured at 300£ a house (for that we think the best MEDIUM), then must the owners pay each man to discharge the 30,000£ by 2000£ per annum the sum of 2s. per annum and no more; which is less than men will generally give to the Briefs which happen in a year; and by this computation you may likewise see how plentiful a stock is by this method provided for securing houses from any casualty by fire. From which calculation also, it may be observed that the reward to the undertakers being only 4s. per annum for securing 300£, the very interest of 5£ will by this method answer all charges of casualty, and the allowance to the undertakers to all ages, if the loss by fire be not greater than is above mentioned. But if any fire should be so great as to require 30s. for each 100£ insured on brick houses, it shall be lawful for any member of the Society after payment of his share to surrender his policy, and receive back his deposit money, and from thenceforth to be discharged from being any longer a member of the Society, if he so please. Every house of 10£ rent may secure 100£; of 20£ rent 200£; of 30£ rent 300£, etc.

A deed of establishment containing the method and rules necessary to be observed in the management of this affair dated 28th August, 1684, is enrolled in the High Court of Chancery by the approbation of the trustees. Such persons who are willing to enter into this Society are desired to repair to the office in Falcon Court over against Dunstan's in Fleet. The persons that give the security are Wm. Hale, of King's Walden, in the County of Hertford, Esq., and Henry Spelman, of London, Esq.

Brief. In accordance with these regulations or proposals a brief, as it was termed, or a more general proposal slip, was drawn up when the real solicitation of insurance was undertaken. This read as follows:

I. Imprimis, That there shall be an office kept where any person concerned may search and take notes, gratis.

II. That Policies shall be delivered, wherein one House only to be contained, in which Policies the Trustees are impowered to Pay the Sums due, in case they be not otherwise Paid, within 60 days after the Houses are Burnt; every person receiving a Policy, doth hereby become a Member of the Society.

III. That every member of the Society shall Pay yearly beforehand at the Office the sum of 1s. 4d. for every 100£ Secured on Brick-houses and 2s. 8d. for every 100£ Secured on Timber-houses by way of Praemium. Houses having Party-walls entire of Brick or Stone to be esteemed Brick-houses, and Houses not having Party-walls of Brick or Stone to be esteemed Timber-houses.

IV. That every Member of the Society shall Contribute towards the making good such Losses as shall happen to any of the Houses of the Members of the said Society. Provided that no Person be charged for any one Loss above 30s. for each 100£ by him secured on Brick-houses and double so much on Timber-houses.

V. That any Member of the Society may within 8 days after any Rate is declared, Examine the Registers, and except against the said Rate; which upon just cause or Error in Casting shall be altered.

VI. That every Member, upon receiving of his Policy, shall deposit as a Pledge or Caution for the Performance of his Covenants, the sum of 6s. 8d. for every 100£ secured on Brick-houses, and 13s. 4d. for every 100£ secured on Timber-houses; for which Receipts shall be given and Covenants to repay the same (or so much thereof as shall not be Forfeited) at the end of the Term in his Policy expressed.

VII. and VIII. (sic) If any Member omit or neglect to pay his Annual Payment at the Office within 40 days after it is due, he shall forfeit 8d. over and above the said 1s. 4d. for every 100£ Secured on Brick-houses and 1s. 4d. for every 100£ Secured on Timber-houses, to be deducted out of the deposited Money.

IX. If any Member neglect to pay his Share towards any Loss for 25 days after Publication of the Rate, he shall forfeit one-fourth part of the Money so Due over and above his said share to be Deducted out of the Deposited Money; And if he shall again make Default for the space of 3 months after Demand made in writing (to be left at his Dwelling or last Secured House), he shall from thenceforth forfeit the Benefit of his Policy; his Covenant nevertheless to stand good against him for so much as shall be then due.

X. The Acts and Covenants of the Deputies shall Charge and Bind the Undertakers.

XI. That every Member upon any Loss shall forthwith certifie his said Loss to the Office, and some of the Office shall certifie the same to the Trustees, who shall forthwith appoint some Skilful and Able Builder or Workman to View and Estimate the said Loss, and make Report, and shall set the Rate of Contribution accordingly; But if the Trustees shall omit to do so, the Undertakers with the consent of 3 or more of the Principal Members to do it.

XII. That such Workman as shall be employed to Estimate the Damage of any House only Damnified by Fire, shall be obliged to Repair the said Damages at the Rate he shall value the same; in case the Party Damnified shall not be willing to take the Money at which the said Damage is valued, or the Undertakers shall not be willing to do it themselves.

XIII. The form of the Workman's Certificate of his view and Estimate of the Damages, and Examination of the Registers and of the Declaring of the Rate and Publishing it by affixing it to the Gates of the City, and other publick places, whereby it will appear that the rate is certain and not arbitrary.

XIV. That the Trustees have power to raise Money by the Rents, Sale or Mortgage of the Estates settled upon them by the Undertakers for the payment of all sums due to any Member by reason of any Loss by Fire within 50 days after any Rate of Contribution shall be declared, if the same shall not be otherwise paid according to the true intent and meaning of the Establishment.

XV. No question to be admitted about the Description, Quality or Value of any House that shall be burnt; but the Money in the Policy expressed to be paid, after the Rate declared as aforesaid.

XVI. Whenever the Roof and Floors of a House from the first Floor upwards shall be Burnt or Fall in, that House to be deemed a Demolished House, and the whole sum secured thereon to be paid.

XVII. To prevent any Fraud in getting any Policy by indirect means after a House is Burnt, no House is to be esteemed a Secured House till the Mark hath been actually fixed thereon.

XVIII. Watermen and other Labourers to be imploy'd at the charge of the Undertakers to assist at the quenching of Fires.

XIX. If there shall be so much Money Insured upon Houses as the Trustees shall not think the Security already given to be sufficient, the Undertakers to give such further Security as the Trustees shall reasonably require.

XX. If any one Fire shall be so great as to require 30s. for each 100£ secured on Brick-houses and double for Timber-houses, to make good the said Loss; it shall be lawful for any Member, after the payment of his said Share, to surrender his Policy and receive back his Deposited Money; and from thenceforth to be discharged from the Society if he so please.

Sun Fire-Office Policy. In 1758 a policy issued by the Sun Fire-Office read as follows:

"No. 163677

WHEREAS Joseph Bezer of Andover in the County of Southampton
Shoemaker

hath paid the Sum of Four Shillings__

to the Society of the Sun Fire-Office in London, and has agreed to pay or cause to be paid to them at their said Office, the Sum of Four Shillings_.

on the Twenty Fourth of June, 1795, and the like Sum -yearly on the Twenty

of Four Shillings.. Fourth of June during the Continuance of this Policy, for Insurance from Loss or Damage by Fire, on his now Dwelling House only Brick and Tiled situated as aforesaid, Exclusive of all manner of Outhouses or adjoining Buildings. NOW KNOW YE, That from the Date of these Presents, and so long as the said Joseph Bezer shall duly pay, or cause to be paid, the said sum of Four Shillings at the Times and Place aforesaid; and the Trustees or Acting Members of the said Society for the Time being, shall agree to accept the same, the Stock and Fund of the said Society shall be subject and liable to pay to the said Joseph Bezer his Executors, Administrators and Assigns, all such his Damage