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Until 1824, Lloyd’s and two insurance companies, the London Assurance and the Royal Exchange Insurance, were the only entities allowed by law to conduct marine insurance business in the United Kingdom.
In the sixty years that followed, there was a great expansion in the number of insurance and shipping companies; both tended to develop their own clauses and so there was a multiplicity of clauses in existence, all attached to the historic S.G. form, which had its own origins in the 17th Century.