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Medford Historical Society Papers, Volume 3. 2 0 Browse Search
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Medford Historical Society Papers, Volume 3., Medford in the War of the Revolution. (search)
y that I, John Savage, Commander of the galley Willing Maid, now in Salem, bound on a cruise against the enemies of the country for six weeks, have sold to Benjamin Hall of Medford, three quarters of one full share of all prizes, goods, naval or merchandise taken by said galley during said cruise, for the sum of twelve pounds now in hand to me paid by the said Benjamin Hall, the receipt whereof I hereby acknowledge, as witness my hand and seal, in guarantee. John Savage. Witnesses, Jonathan Webb and Ephraim Hall. Benjamin Hall was, like other men of means in his day, interested in underwriting, and assumed risks individually, as there were no marine insurance companies. Losses were frequent during the war, and the premiums were fabulous,—the usual rate being about forty-five per cent., but in some cases rising to seventy per cent. Insurance on privateers was effected by making over to the underwriter a certain per cent. of the prize money. In 1776 Captain Hall insured