This sub-series contains four groups of records: Marine insurance policies (general files); Marsh and McLennan Limited insurance records (correspondence); Osborn and Lange Limited insurance records (correspondence); Administrative records pertaining to insurance.
Marine insurance was covered by subscription policies through the firms Osborn and Lange, Lloyd's, and the Institute of London Underwriters. They covered loss or damages to vessels, crew accidents, damages to docks, terminals, material handled, hull and machinery, and to any other N. M. Paterson & Sons Limited's property in transport. They provided protection and offered indemnities. Particular policies covered war risks on vessels sailing through war zones, which increased the value of the vessel to cover these excess costs. Subscription policies are the most common form of marine insurance whereby multiple insurance companies covered a percentage of the total risk on the policy. Subscription policies usually cover one or more vessels for a period of one year. Included in the policy files are "Schedules and Summaries of Marine Insurance", which list all of policies held by the N.M. Paterson company for a given policy year.
This sub-series also contains correspondence produced by the N. M. Paterson Company and its insurance brokers: Marsh and McLennan Ltd. from 1959 to 1964 and Osborne and Lang Ltd. from 1963 to 1995. These files are arranged thematically and pertain to various marine insurance policies. They provide information on assurance renewals, value of vessels, various equipment and other expenses. Correspondence with the firm Osborne and Lang Ltd. between 1973 and 1981 is attached to the "Schedules and Summaries of Marine Insurance" files.
The final sub-group of records consists of miscellaneous files related to the administration of marine insurance between 1977 and 2001. This includes: - correspondence with insurance companies and broker; - publications from the Standard Steamship Owners' Protection and Indemnity Association Ltd.; - the Shipowners' Mutual Strike Insurance Association's records including annual reports, lists of ships and P&I class rules (protection and indemnity).
The insurance policy files are arranged in chronological order from the latest to the most recent date and then are organized according to the 'claim interest' listed in each policy (e.g. "Hull and Machinery," "War Risk," "Increased Value," etc.). Each individual file contains one policy.
Portions of records in this sub-series are incomplete. Insurance policies begin in 1940 and continue until 2001, however, there are very few policies dating prior to 1970 and there are no policies for years 1978 to 1980, and 1986 to 1990. Most of insurance policies in this series have "GW's copy" written on the cover pages and were managed by Garry Woodbeck's Office. These missing insurance policies have been originally regrouped and filed in the Gary Woodbeck sub-series.
