Bodem, also known as a so-called, is a historical insurance form from the marine insurance sector. She was already known in ancient times, in the Middle Ages, and existed until the nineteenth century. It concerns a loan agreement whereby the financial institution made available a sum of money to a sea carrier. This could be the owner of the ship or the shipowner. The loan was provided on the hull and / or cargo of the ship. This type of insurance is no longer used.
OperationReimbursement was made with interest at the end of the trip. In case of loss of ship or cargo, the amount made available should not be refunded. The interest rate (the 'float') varied according to the risk of the trip. For example, traveling from the Netherlands to ports on the Baltic Sea was often not more than 10% paid while traveling for Brazil to 70%.
One knew two types of land. The oldest, so-called 'outbound landowner', was entered into at the commencement of the trip. Later, the 'landfall came out of necessity', which was often used when the skipper had to make unexpected repairs for which he had no money.
Outbound bargaining agreements could relate to only the trip, or on the return trip. In the first case, the lender offered a possibility to transfer money abroad, as the principal had to be paid on arrival at the agreed port. The second case resulted in a risk-bearing investment. Prohibition
Pope Gregory IX, already in 1237, issued a decree prohibiting the landfall, as interest rates on premiums began to widen. However, this meant no more than a temporary ban on the land. grades Sources
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