Note 237-3 — Chapter III

Maritime insurance is much older than insurance against risks on land; the Dutch institutions of Charles V.'s time seem to have existed long before. (Richesse de Hollande, I, 81 ff.) On Flemish, Portuguese and Italian maritime insurance in the 14th century, see Sartorius, Gesch. der Hanse, I, 215; Schäfer, Portug. Gesch. II, 103 ff., and F. Bald. Pegolotti, Tratato della Mercatura in Della decima, etc., della Moneta e della Mercatura dei Fiorentini, 1765. The class engaged in maritime commerce are indeed especially and early rich in capital, speculative and calculating.