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bottomry

noun

Definitions of bottomry

  • a largely obsolete system of merchant insurance in which a ship is used as security against a loan to finance a voyage, the lender losing the investment if the ship sinks; a loan of money secured against a ship or against a ship’s cargo

    "The earliest account of insurance came in the form of 'bottomry', a monetary payment that protects traders from debt if merchandise is lost or damaged."

Phrase Bank for bottomry

Additional Notes for bottomry

TransLegal