Volume 30, No. 23                                               
June 12, 2005

The Start of a New Policy

   When Edward Lloyd opened his London coffeeshop near the Thames River in 1687, he had no idea something much bigger would soon be brewing.  

   In the late 17th Century, immense amounts of money were tied up in countless shiploads of tea, spices and timber, and merchants lived with constant uncertainty.  Pirates ruled much of the seas and unpredictable storms were a continual threat.  It didn’t help that miscalculations often sent ships into uncharted territory where they sank to the bottom with their expensive cargoes.  So, not surprisingly, anxious businessmen routinely got together at Lloyd’s shop on Tower Street near the docks to exchange scraps of information about all the ships at sea.  Edward Lloyd knew a golden opportunity when he saw one.        

   Having survived dictator Oliver Cromwell, the Plague, and the Great Fire of London, Lloyd understood the psychology of uncertainty.  So in 1696 he started a publication called Lloyd’s List which used dispatches from reporters around the world to outline conditions at sea and the movements of specific ships.  By modern standards, the information was hopelessly outdated by the time it reached London but, in the days before the telegraph, it was invaluable to have even the slightest knowledge of distant conditions or uncharted ports.

   Over the years, the List grew more comprehensive and influential, to the point that Lloyd’s coffeehouse became known as an even better source of maritime information than the British Navy.  Not surprisingly, when some entrepreneurs saw so many wealthy merchants anxious to minimize their risks, they decided to sell what amounted to peace of mind.  They offered to cover any potential loss of a ship orcargo, in return for an upfront payment called a premium.  The insurance industry was born.

   Even after Edward Lloyd died, his business flourished.  In 1771, a group of 79 underwriters working out of the back of the coffeehouse formed a company called the Society of Lloyd’s, which later became Lloyd’s of London, one of the world’s most famous insurance firms.

   If there’s one thing that hasn’t changed in the 200 years since, it’s the cycle of uncertainty that dogs, not only the economy, but all aspects of life. People everywhere are trying to minimize the risks.  Though concerns and circumstances vary, most fret about things beyond their control, including health, jobs, love and relationships.  They worry others will plunder what’s theirs, they’re anxious about the unpredictable storms of life, and they fear mistakes and miscalculations will take them into uncharted territory and sink their dreams.

   In such a climate of claustrophobic concern, knowledge is power.  That’s why business is brisk for psychics, self-help gurus, market experts and preachers who imply they can foresee and solve every problem.  Ironically, the people who resort to such sources usually bypass the spiritual equivalent of Lloyd’s List, the Bible.  Though many today wrongfully assume it’s hopelessly outdated, the Word of God offers clarity and direction that chart a safe passageway through the perils of modern living.  “Your faithfulness extends to every generation, as enduring as the earth You created,” says David.  “I pondered the direction of my life and turned to follow your statutes... I’m firmly anchored to your law...  I believe in your commands; now teach me good judgment and knowledge...  ” (Psalm 119:59-61, 90)

   With that good judgment and knowledge, God offers a life insurance policy.  “He has given us eternal life, and this life is in his Son...  And we can be confident He’ll listen to us whenever we ask him for anything in line with his will.” (1 John 5:11,14)  From his unimaginable resources, God can cover any loss and, when trouble strikes, help us get back on our feet.  In this life or the next, He’ll repair, replenish or replace whatever this world takes from us.  And the only premium He expects is one of life-guiding gratitude.  Even Edward Lloyd would have to admit, those are grounds to celebrate.

By Rick Gamble, published in Cross Current, the weekly newsletter of the Followers of Christ church family in Brantford, Ontario, Canada.  Reprint at will in not-for-profit publications.  To receive these free weekly articles via email, send a note to sgamble@bfree.on.ca