This society was incorporated by letters patent granted by King George I. for assuring ships and merchandize at sea; and for lending money upon bottomry; in consideration of which grant the Corporation were to advance his Majesty 300,000l. without interest, for the term of thirty years: towards the raising of which, and paying the just demands that might be made upon their respective policies, the Company were impowered to raise a sum, not exceeding 1,500,000l. to be called the stock of the Corporation: by a second charter, granted to this Corporation in the year 1721, they were impowered not only to insure ships, but houses, goods, and even lives.
This society is under the direction of a Governor, Sub-governor, and Deputy Governor, and twenty-four directors.
They assure houses and goods upon the following terms and conditions.
I. All manner of brick and stone buildings covered with slate, tile, or lead, wherein no hazardous trades are carried on, nor any hazardous goods deposited, are termed _Common assurances_, and are assured for the following premiums, viz. any sum not exceeding 200l. at 4s. _per annum_; any sum above 200l. and not exceeding 1000l. at 2s. _per cent. per annum_; and any sum above 1000l. and not exceeding 3000l. at 2s. 6d. _per cent. per annum_; and goods and merchandize not hazardous, in brick or stone buildings, after the same rates.
II. For the accommodation of such persons as are desirous of being assured for a term of years, this Corporation will assure (on such buildings or goods as aforesaid) any sum not exceeding 1000l. at the rate of 12s. _per cent._ for seven years, and as far as 2000l. at the rate of 14s. _per cent._ for the like term of seven years, without subjecting the assured to any calls or contributions to make good losses.
III. Assurances on buildings and goods, are deemed distinct and separate adventures; so that the premium on goods is not advanced by reason of any assurance on the building wherein the goods are kept, nor the premium on the building by reason of any assurance on the goods.
IV. Timber or plaister buildings covered with slate, tile, or lead, wherein no hazardous trades are carried on, nor any hazardous goods deposited: and goods or merchandize not hazardous, in such buildings, are termed _Hazardous assurances_, and assured as follows; any sum not exceeding 200l. at 6s. _per annum_: any sum above 200l. and not exceeding 1000l. at 3s. _per cent. per annum_: any sum above 1000l. and not exceeding 2000l. at 4s. _per cent. per annum_: and any sum above 2000l. and not exceeding 3000l. at 5s. _per cent. per annum_.