While it is good to invest into other stuff and make more money, what protects the investments that you have made?

Isn’t it funny that something as little as a nose mask gotten for a little price of ₦100 or ₦200 could save you from a huge risk such as Coronavirus or even a flu or probably death.

You can call the nose mask a little Investment that helped you to save a bigger Investment which is your life(your money, spiritual Investment, physical Investment, emotional, knowledge acquired)

Something as little as ₦100.

But I’m not here to talk about nose masks, I want to talk about Insurance.

This is a subject many neglect in this part of the world, although in most countries, insurance is legally mandatory especially your health, Employee and Auto insurance.

But what really is Insurance? Insurance is when one party called the “Insured” Pays an amount of money to the “Insurer” or “Insurance company” to indemnify the insured whenever he encounters a risk or problem.

But before something would be insured, it must be known that the insured would have “insurable interest” in that subject matter or object being insured….

Insurable interest means that if any thing should happen to the object being insured, the insured is going to feel pain, hurt or a financial loss, so you have to make sure what you’re insuring is yours or there is a direct relationship with the object or matter.

One might think that Insurance started recently but No, it started way back in Egypt, the Egyptians had so much respect for burials back then, because it was believed so much that the after life was determined by how you lived your life and was buried, which brought about mummies. Because Pharaohs wanted to be buried in a lavished lifestyle, some Pharaohs spent years building themselves a huge pyramid and taking Alot of golden treasures with them into their grave lest they end up in the afterlife broke.

But then there were persons who couldn’t afford to be buried, so certain burial societies made contributions on behalf of their members who could afford a proper burial (this is the earliest form of insurance)

It was done for charitable purposes. Then it progressed to Babylon where a certain ruler called Hammurabi wrote a code known as the Code of Hammurabi, in that code it was stated that if any man be robbed and he can’t start afresh, he would be indemnified of his losses by the community.

Personally, I think Job had an insurance with his friends, He was the richest man in the East and in Job 42:11, Job’s friends sympathized with him and each gave him a piece of money and a ring of gold and Job became rich again. Wow

Back then in the western world, when a sailor (Merchant) wants to embark on a journey, he would borrow loan from certain People just incase anything happens to the ship, because the lack of communication from the sea to the shore was hard, and sailors could not send a message to cargo owners so they borrowed just in case they needed supplies, attacked by pirates, or even encounter a raging storm or ship problems, and if they arrive safely, they would pay back these loans with interest from the money made from selling the cargoes. But if they are unable to pay back the loan then the lenders could take the Ship (this is called Bottomry Bond) or sometimes the cargoes (This is called Respondetia)

But the recent Insurance started with the Marine in a coffeehouse in Tower street owned by a man called Edward Lloyds, his coffeehouse was a place where sailors would come to tell tales of their trips and voyages, because he was the owner who stayed there all the time, he was priveleged to hear certain information like when a ship needed a crew, wanted to go to a certain place and embark on a certain voyage, in need of a specific item.

Finally in 1696, He started publishing news of shipping movement, from other sources and docks. It became official, his coffeehouse became a go to place for authentic news. With time, Underwriters would come in to share the risk involved in transporting goods to another location using the Ship, and if that ship would experience any hazard, the Underwriter would pay for a certain percentage agreed upon.

There are certain things I would be highlighting about insurance in due time, Is this Investment worth it? And how best would you go about an insurance policy?

Look at for the next part of this piece. Did you get value? Let me know in the comments

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