Lesson 08 -- 2024-10-18

Colleganza and commenda. Multiple functions: involvement of small investors at relatively low risk for high gain; higher capitals gathered by the merchant through multiple commende; the merchant speculates with the whole of the capital in his own name; accounts rendered at his return. Avaréa and maritime insurance. Loss or damage shared among the merchants in proportion to the value of the goods loaded at departure; certification of the losses by the nearest Venetian representative; the minute of the survey is attached to the inventory made by the captain before departure. Maritime insurance: risk clause inserted in shipping contracts in exchange for a higher price; salvi in terra as assumption of risk for acts of God (obligation of result for the transporter); a rischio pericolo e fortuna di mare e di genti as limitation of responsibility for acts of God (obligation of means). Separate contract of insurance with a company of insurers contacted through a broker. Free interaction with foreign partners. Trading agreement with the Byzantine empire negotiated as equals: reduction of access taxes and privilege of jurisdiction in exchange for military defense and ferrying services.