What Does Bottomry Mean?

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What does Bottomry mean? Read on to discover the definition & meaning of the term Bottomry - to help you better understand the language used in insurance policies.

Bottomry

Bottomry

Arrangement in which a ship's keel (hence the ship structure), but not its cargo, was pledged as the security for a loan. It was based on the ancient Greek tradition where all loans on a ship were canceled if it failed to return to its home port, and is the forerunner of today's marine insurance practices. See also bottomry bond.

We hope the you have a better understanding of the meaning of Bottomry.

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