An insurance “policy” that tries to predetermine a global gross shipping tonnage loss for a set calendar year.  If the loss for the year is met or surpassed, the policy is paid out.  This type of “insurance” was technically unlawful, because there was no insurable interest. Polices, however, were generally marked (P.P.I) (Policy is Proof of Interest) Their use stayed in use until they were effectively banned by Lloyds of London in the 1970’s.

See also Chinaman.

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