EARLY HISTORY OF INSURANCE 263


Insurance company founded at Bruges, under Charter, 1310.

   From the consideration of these three different methods of affording or providing indemnification against various risks of loss, it is clear that the country people of Belgium and, consequently, the merchants of Bruges must have been in full possession of a practical knowledge of the advantages and disadvantages of insurance. Whence it would appear probable that some such practice for the insurance of goods was in existence in Bruges during the 12th and 13th centuries. Passing to the consideration of the early capitalist marine insurance of merchandise in Bruges, it is found that there is evidence (which, being of date much posterior to that of the reputed matter to which it refers, if taken by itself, is perhaps not entirely convincing) that a company for the sale of policies of insurance of merchandise against marine or other risks was founded under Ducal Charter at Bruges in 1310. This evidence has been held by M. Pardessus and others to be too unsupported to carry much weight, but, as will be shown below, it is probable that the statement

is absolutely correct.