Chinaman

(insurance) An insurance “policy” that set a target global gross shipping tonnage loss for a calendar year. If the loss was less than the stipulated amount, the insurance paid out. This form of “insurance” was technically unlawful, because there was no insurable interest. Policies, however, were often marked P.P.I. (Policy is Proof of Interest). Their use continued until they were banned by Lloyds of London in the 1970s. See also insurable interest, tonner.

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