![]() In time, G, M and B were replaced by 1, 2 and 3, which is the origin of the well-known expression 'A1', meaning 'first or highest class'. Equipment was G, M, or B: simply, good, middling or bad. The condition of the hull was classified A, E, I, O or U, according to the state of its construction and its adjudged continuing soundness (or lack thereof). At that time, an attempt was made to classify the condition of each ship on an annual basis. This publication attempted to classify the condition of the shipâs hull and equipment. In 1760, the Register Society was formed â the first classification society and the one which would subsequently become Lloyd's Register â to publish an annual register of ships. It did not take long to realize that the underwriters needed a way of assessing the quality of the ships that they were being asked to insure. This became known as underwriting after the practice of signing one's name to the bottom of a document pledging to make good a portion of the losses if the ship didn't make it in return for a portion of the profits. ![]() ![]() In the second half of the 18th century, London merchants, shipowners, and captains often gathered at Edward Lloydsâ coffee house to gossip and make deals including sharing the risks and rewards of individual voyages.
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