1778-01-26 (static/transcriptions/1778/01/030.jpg)

1778. 1 Term. [Monday] Jan: 26th.

himself: and this Practice Mr. Guinand observed not only tended to evade the prohibition of Insuring French property, but also produced frauds on the English Under Writers, because the only proof the Under-Writers in England thought the Re-Assured was bound to make, in order to oblige, the Re-Assurer, that is the Under-Writer in England, to pay, was producing the first Policy or Insurance, with an acknowledgement on it, of payment of the loss; and this subjected the English Re-Under-Writer to frauds which it was found had been practiced, of paying for pretended losses, when in truth there was no loss; and also to the fraud of paying many times over the same loss; for it had been found, that French Merchants had insured the Same Ship four times in four different names, and the Re-Insurer in England had, on producing such French Policies, with receipts of payment of the loss on each, paid One real loss, four times over.