JB/087/130/003

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15

Indirect Legislation § 10

16

Private insurance
Throwing it on
a party who is
content to bear
it — as on a
private insurer.

In the case of private insurance the advantage
results from this circumstance. The insurer
being prepared to sustain the loss [which
may take place] is he is therefore exempt from that pain of
privation which he would otherwise experience,
or at least the intensity of that which he feels
is much abated. The term of his proposing himself
for it was that of his receiving his premium,
which at that time he looked upon as more
than equivalent to the danger of the loss: else
he would have had no motive to run the risque: (a) (a) In a fair bargain,
as hath been ingeniously
observed by the
Abbé de Condillac, +
+ See Le Commerce &
le gourvernement considerés
relativement l'un
a l'autre. Amst. 1776 12mo ch. 5 & 6.
each
party is a gamer: each
party by parting with
that which in his estimation
is worth less acquires what in his
estimation is worth
more. If this were
not the case, they
would each of them
have acted without a
a motive.
he bought the premium it was in short it was [by taking upon him] with the obligation
to bear the loss that he bought the premium.
In this sort of arrangement the g legislator
has little more to do than to lend his sanction
to these as well as the contracts here in question, just
as he would to any other.

17

When this plan of method of obtaining compensation is established
any where, it is well: but it is always a matter
of accident whether any will be found who
will insure against losses of this sort, and indeed
whether any will so much as think of procuring themselves
to be insured. b Besides the remedy is but an im- -perfect

NOTE
(b) In London there are voluntary societies for purposes of
this

Identifier: | JB/087/130/003 "JB/" can not be assigned to a declared number type with value 87.
Date_1		Marginal Summary Numbering	14-18
Box	087	Main Headings	indirect legislation
Folio number	130	Info in main headings field	indirect legislation
Image	003	Titles	note / note
Category	text sheet	Number of Pages	4
Recto/Verso	recto	Page Numbering	f13 / f14 / f15 / f16
Penner	jeremy bentham	Watermarks	[[watermarks::r williams [britannia with shield emblem]]]
Marginals	jeremy bentham	Paper Producer	c. hamilton
Corrections		Paper Produced in Year
Notes public		ID Number	27655
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