Marine Insurance Policy

Archive

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Saco Museum

Name/Title

Marine Insurance Policy

Entry/Object ID

2023.8.1

Scope and Content

Policy of Assurance, or marine insurance policy, on the sloop Paragon. The policy insures the vessel for $2000 for a voyage from Biddeford to the West Indies. The ship was owned by James Coffin and Edmund Coffin of Biddeford, listed as traders. The policy was underwritten by Seth Storer, Thomas Cutts , and Richard Cutts. As noted at the bottom of the policy, the phrase "unless a war or hostility should commence during the voyage" were erased before the document was signed. The Paragon was captured by a French privateer on March 11, 1800 and carried to Guadalope. The underwriters were required to pay their portion of the insurance to the Coffins. If the French or United States government made any indemnification, the underwriters were to be reimbursed.

Dimensions

Height

11-3/4 in

Width

7-1/2 in

Interpretative Labels

Label Type

Cultural/Historical Context

Label

During this time period, marine insurance was usually underwritten by wealthy citizens who promised to pay a portion of the vessel or cargo's value if either was lost. The owner or owners of the ship then agreed to compensate the underwriters at a specified rate for this protection. This marine policy was taken out by James and Edmund Coffin of Biddeford for the sloop Paragon. Dated February 18, 1800, the ship was insured for $2000. The policy was underwritten by some of the wealthiest individuals in town, Colonel Thomas Cutts, Thomas Cutts, Jr., Seth Storer, and Daniel Cleaves. Unfortunately, for these men the voyage was a loss since the Paragon was captured by a French privateer on March 11, 1800, less than a month after it sailed.