Insurance of ships in Galaxidi

Until about 1860, Galaxidi shipowners insured their ships with Greek insurance companies and less frequently with foreign companies. From 1848 a movement started to set up their own insurance organization, with the shipowners being both the insured and the underwriters.

In 1860, they founded the Limited Company of Insurance against Risks “TO GALAXEIDION”, which lasted about five years. In 1866, the Mutual Aid Insurance “TO GALAXEIDION” was founded, which ceased in 1882. Because of the success of the mutual insurance companies, six more of them were founded in Galaxidi: in 1879 “ENOSIS”, in 1874 “IRINI”, in 1880 “ADELFOTIS”, in 1883 “OMONOIA”, before 1885 “OIANTHI”, and in 1886 “SOTIR”. They were all operating, on and off, and covered the period of decline and the last sailing ships of Galaxidi.

To insure a ship, the owner filed an application with the insurance company. A valuation was then carried out by the members of the company who in a special report of experts would indicate the condition of the vessel and her rigging and assess their value. They would also estimate the remaining length of the ship’s life. When the mutual insurance company agreed to insure the ship, it issued an insurance certificate. These companies covered other risks at sea, which were laid down in their statutes. In the case of shipwreck or cause from another risk, the ship owner made an application for indemnity to the company. When the decision of the board of the company was favourable, each member of the mutual insurance company was asked to deposit the amount corresponding to his share to indemnify the partner who had suffered damage. A receipt was then issued for the deposit.