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Lloyd's Coffee House was the first organized market for marine insurance. The direct insurance of sea-risks for a premium paid independently of loans began, as far as is known, in Belgium about A.D. Concepts of insurance has been also found in 3rd century BCE Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti. Loans of this character have ever since been common in maritime lands, under the name of bottomry and respondentia bonds. The law of general average constitutes the fundamental principle that underlies all insurance. A hard market calls for an alignment of interests and closer collaboration between insurers, service providers and clients. What Are The Key Exclusions Under The Motor Policy? Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times. In many countries, such as the United States and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads