Insurance,
2016

Lloyd’s of London monopolized the marine insurance of the slave trade by the early 18th century. Lloyd’s Register was established in 1760 as the first classification society in order to provide insurance underwriters information on the quality of vessels. The classification of the ship allows for a more accurate assessment of its risk. Lloyd’s Register and other classification societies continue to survey and certify shipping vessels and their equipment. Lashing equipment physically secures goods to the deck of the ship, while its certification is established to insure the value of the goods regardless of their potential loss. —Cameron Rowland