Jacob Goldstein
Jacob Goldstein spent more than a decade as co-host of the Planet Money podcast. He's also the author of the book Money: The True Story of a Made-Up Thing, which the New…
Join Pushkin+
Gain access to ad-free versions of 20+ podcasts from the Pushkin library along with exclusive bonus episodes and other member benefits.
Edward Lloyd opened a coffee shop near the River Thames in the 1680s – it became a place where ship owners and money men rubbed shoulders and a trade in marine insurance sprang up.
The coffee-drinking insurers eventually decided to form an association and agree on a set of rules – and so Lloyd’s of London was born. It became a key factor in keeping the global sea trade going, but soon branched out into insuring against burglaries, hurricanes and even earthquakes.
Lloyds developed a principle that seems odd today. It ignored the small print and said: “Pay all our policy holders in full, irrespective of the terms of their policies.”
Write to us at businesshistory@pushkin.fm
The Hosts
Robert Smith
Robert Smith, co-host of the Business History podcast, is a Professor of Journalism at Columbia University and contributing host of NPR's Planet Money where he tells stories about how the…
