bottomry

admiralty should have cognizance of bottomry instruments, as maritime

Marine insurance includes insurance against loss or damage to vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, instruments of debts, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crafted, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transshipment, or reshipment incident thereto, including war, rebellion and terrorism risks, marine builder's risks and all personal property floater risks, the bill said.

insurances, bottomry, and others of a similar nature; the

(5) Early policies on hull and cargo were in the form of bottomry and respondentia.

At least four thousand years ago in the Code of Hammurabi, one can find evidence of the practice of "bottomry." The bottomry arrangement consisted of the trading ship owner pledging the ship as security for the repayment of money advanced or lent for the journey.