Adventure loan - bottomry

Japanese: 冒険貸借 - ぼうけんたいしゃく（英語表記）bottomry

A contract whereby a shipowner or cargo owner borrows money using the ship or cargo as collateral, and repays the loan with interest if the ship or cargo arrives safely at the destination, but is relieved of the obligation to repay both the principal and interest if the voyage is not completed safely. Also called a marine loan. The adventure loan, which is said to be the origin of marine insurance contracts, is said to have been popular in medieval Italy, via Greece and Rome. This contract incorporates the two functions of a secured loan contract and an insurance contract in which the collateral is the object of insurance, which are currently conducted separately, and the provider of funds can be said to act as both a bank and an insurance company.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

船主または荷主が船舶または積荷を担保に資金を借り入れ，船舶または積荷が安全に目的地に到着した場合には利息をつけて借入金を返済するが，航海が無事に完了しなかった場合には元本，利息ともに返済義務を免れるという契約のこと。海上貸借ともいう。海上保険契約の起源とされる冒険貸借は，遠くギリシア，ローマを経て中世のイタリアにおいて盛んに行われたといわれている。これは，現在別々に行われている担保付金銭消費貸借契約と，この担保物件を保険の目的とする保険契約の二つの機能を包含したものであり，資金の供給者は，銀行の立場と保険会社の立場を兼ねているということができる。

出典　株式会社平凡社世界大百科事典第２版について　情報

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