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1227 AD

1227 AD: Pope Gregory IX (1170-1221 AD) issued a Papal Seeforbidding the common practice of charging premium interest on maritime loans. The Papacy and theology were not against the principle of insurance, or methods used to spread the risk, per se, only interest rates deemed “usury,” or excessive. In order to continue the practice, the traders created independent contracts which separated the risk sharing from the loan contracts. These practices helped establish the first contracts for insurance type schemes and such important concepts as the principle of indemnity, subrogation and insurable interest.

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1063 AD

1063 AD: The Amalfi Sea Code developed in Italy and provided a type of marine insurance for members. If a ship were lost at sea, the Sea Code stipulated that the merchant(s) were reimbursed from a pool of funds contributed by its members.

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