in law and commerce, a contract or agreement whereby one or more persons, called insurers, assurers, &c., oblige themselves to answer for the loss of a ship, house, goods, &c., in consideration of a premium paid by the proprietors of the things insured.

Insurances are of various kinds, as on ships or parts of ships, on merchandize singly, and on ships and goods jointly; and these are again branched out to run either for a time stipulated, or to one single port, or out and home, with liberty to touch at the different places mentioned in the policy. Insurances may likewise be made on goods sent by land, or by hogs, &c., on rivers; and this is frequently done, more especially on jewels, and other things of great value.

The principal offices for the insurance of ships and merchandize in London, are the Royal-exchange assurance, and the London assurance, both of which are established by act of parliament. These offices also insure houses and other buildings, goods, wares, and merchandize, from loss or damage by fire; and the former of them also assure lives.

The Royal-exchange insurance, on a brick or stone building, insures any sum not exceeding 200l. at 5s. per ann., and any larger sum not exceeding 1000l. after the rate of 2s. 6d. per cent. per ann. Above 1000l. and not exceeding 2000l. at 3s. per cent. Above 2000l. and not exceeding 3000l. at 4s. per cent. On goods and merchandize, the property of the assured, within any brick or stone building, or on the goods and building together, this office insures any sum not exceeding 300l. for 7s. 6d. per ann., and larger sums after the rates above-mentioned; but timber or plaster buildings, or goods or merchandize therein, pay 8s. per ann. for 200l., and after the rate of 4s. per cent. for any greater sum not exceeding 1000l., and 5s. per cent. for all insurances above 1000l. and not exceeding 2000l. On a timber or plaster-building with goods and merchandize together, any sum, not exceeding 300l. may be insured for 12s. per ann., and larger sums at the above rates. The goods belonging to hazardous trades, as distillers, chemists, apothecaries, colour-men, tallow-chandlers, oilmen, innholders, &c., deposited in brick houses, pay 8s. per ann. for insuring 200l. and after the rate of 4s. per cent. for any greater sum not exceeding 1000l.; and above 1000l. and not exceeding 2000l. 5s. per cent. but when the houses and goods are put together, the price of insurance is 4s. per cent. per ann. without any other charge except the policies.

The Friendly Society insurance, has some very extraordinary regulations; the principal of which is, that every one of the assured becomes a member of the society; and when any loss happens, contributes in proportion to the sum he has insured, to make good the damage; on which account he pays only 1s. 4d. per cent. per ann. premium, and 6s. 8d. per cent. as a caution; but what is unexpended of the 6s. 8d. is returned to the party insured at the end of seven years.

We have also insurances for lives, in virtue of which, when the person insured dies, a sum of money becomes payable to the person on whose behalf the policy of insurance was granted. The principal insurance-office of this kind, is that of the Amicable Society for a perpetual assurance, kept in Serjeant's inn, Fleet-street, London.

In this office, after paying the charges of the policy, and 10s. entrance-money, each person pays 5l. per annum, by quarterly payments; and from these payments the dividends, which usually amount to 100l. and upwards, are to arise. All persons admitted are to be between the ages of twelve and forty-five, and in a good state of health. Any person is allowed to have two or three insurances or numbers on the same life, whereby such person will be intitled to a claim on each number so insured; and every claimant is empowered to put in a new life, in the room of one deceased, within twelve calendar months next after the end of the current year. By becoming members of this society, clergymen, physicians, lawyers, tradesmen, and all whose income ceases at the time of their death, may, in all probability, leave to their families a claim of not less than 100l. for every 5l. annually paid in.