8. Information secured for the marine under any problem which involves probabilities both parties are interested in eliminating as far- as pos sible all unknown quantities, so as to reduce the pos sible loss to the smallest terms. The underwriter seeks to limit his loss, and the insured seeks to lessen his payment.
The third function of Lloyd's, which is set forth as "the collection, publication and diffusion of intelli gence and information with respect to shipping," is therefore of the utmost importance in the develop ment of marine insurance.
Edward Lloyd, in the very beginning of his coffee house days, apparently appreciated the value of se curing the earliest and most reliable information about marine events. He established a paper which ran for about one year, and was discontinued in 1696 ow ing to a disagreement with the government. He re established it in 1726—thirty years later. With the exception of the London Gazette, it is the oldest newspaper in Europe. The original name was Lloyd's News, but it is now lmown as Lloyd's List. The information which has been received at Lloyd's up to midnight is published in this paper, which is issued every afternoon. It records not only every disaster or casualty that occurs, but also every movement from port to port of each vessel that is noted at any station or by a passing ship. Every year many thousands of telegrams are forwarded to Lloyd's from all parts of the world announcing the movement of vessels.
This system of intelligence, was organized with the beginning of Lloyd's, and it is needless to point out that it is absolutely invaluable to the underwriter. Lloyd's is quite proud of the fact that as early as 1739 its information service was so complete that they were able to report to the Admiralty the capture of Porto Bello by Admiral Vernon before the government had received the news from any official source.
Signal stations for the perfection of this service have been established all over the world, and from these stations not only the entrance and departure of vessels is reported, but probably one hundred thou sand movements are recorded during a year. The es timate is that not one vessel in ten reaches a port with out having been reported at Lloyd's at some period in her passage.
9. Captain's register and other records Lloyd's comprise a complete biography of all seamen who attain command of ships. Naturally this includes a great number who never attain to a cap tain's degree, but who have received their certificates for lesser positions, and who may be promoted in time to captains' positions.
The record of the captain who commands a vessel is as of much value to the marine underwriter as knowl edge of the men who propose to borrow money from a bank is to the banker.' The sketch of the captain's life is very complete, and gives the underwriter all the information which he needs for his business.
Lloyd's maintains an office of inquiry. Relatives of seamen, friends of seamen, or those interested in the voyage in any way may obtain from Lloyd's any information that they have in regard to the movement of the vessel.
The inspection of vessels from the time their con struction begins till the end of their life was formerly a survey which Lloyd's conducted itself. This has been taken over by a separate corporation, however, and is conducted by them today. Rating a vessel is a factor of prime importance to the underwriter. On being asked to insure a specified amount on a certain vessel he may turn to this register, ascertain when the vessel was built, the material of which constructed, and what her record has been since that time. The rules for construction are exceedingly rigid, and any vessel attaining the highest rating which is granted by the bureau intrusted with this work has complied with very strict specifications.
10. Risks marine policy describes in quaint phrases as follows the risks against which indemnity is offered: Touching the adventures and perils which the said com pany is contented to bear, and take upon itself in this voy age, they are of the seas, men-of-war, fires, enemies, pirates, rovers, thieves, jettisons, letters of mart and countermart, reprisals, takings at sea, arrests, restraints and detainments of all kings, princes or people of what nation, condition or quality soever, barratry of the master and mariners, and all other perils, losses and misfortunes that have or shall come to the hurt, detriment or damage of the said vessel, or any part thereof.