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76-748: 81 Newgate Street (alternatively referred to as Panorama St Paul’s ) is a 10-storey office building on Newgate Street in the City of London , opposite St Paul's tube station . It opened in its current state in June 1984. Prior to the departure of the BT Group in December 2021, it was best known as the BT Centre , having been the global headquarters and registered office of the group since its opening in its current state in 1984. It had been home to BT and its predecessors, including

152-663: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for

228-577: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates

304-478: A 3,000,000-square-foot (280,000 m ) building in Chicago, at the time the largest building in the world. The time and motion study , pioneered in manufacturing by F. W. Taylor and later applied to the office environment by Frank and Lillian Gilbreth , led to the idea that managers needed to play an active role in directing the work of subordinates to increase the efficiency of the workplace. F.W. Taylor advocated

380-453: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for

456-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over

532-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of

608-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,

684-515: A lot of concentration, or include many small meetings. Shared office : a compact, semi-private workspace designed for two or three individuals, facilitating both focused work and small group collaboration. Team room : an enclosed workspace for four to ten people; suitable for teamwork that may be confidential and demands frequent internal communication. Study booth : an enclosed workspace for one person; suitable for short-term activities that demand concentration or confidentiality. Work lounge :

760-1734: A lounge-like workspace for two to six people; suitable for short-term activities that demand collaboration and/or allow impromptu interaction. Touch down : an open workspace for one person; suitable for short-term activities that require little concentration and low interaction. Meeting spaces in an office typically use interactive processes, be they quick conversations or intensive brainstorming. There are six generic types of meeting spaces, each supporting different activities. Small meeting room : an enclosed meeting space for two to four people; suitable for both formal and informal interaction. Medium meeting room : an enclosed meeting space for four to ten people; suitable for both formal and informal interaction. Large meeting room : an enclosed meeting space for ten or more people; suitable for formal interaction. Small meeting space : an open or semi-open meeting space for two to four persons; suitable for short, informal interaction. Medium meeting space : an open or semi-open meeting space for four to ten persons; suitable for short, informal interaction. Large meeting space : an open or semi-open meeting space for ten or more people people; suitable for short, informal interaction. Brainstorm room : an enclosed meeting space for five to twelve people; suitable for brainstorming sessions and workshops. Meeting point : an open meeting point for two to four people; suitable for ad hoc, informal meetings. Support spaces in an office are typically used for secondary activities such as filing documents or taking breaks. There are twelve generic types of support spaces, each supporting different activities. Filing space : an open or enclosed support space for

836-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in

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912-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than

988-649: A palace complex or a large temple. In the High Middle Ages (1000–1300), the medieval chancery acted as a sort of office, serving as the space where records and laws were stored and copied. With the growth of large, complex organizations in the 18th century, the first purpose-built office spaces were constructed. As the Industrial Revolution intensified in the 18th and 19th centuries, the industries of banking , rail , insurance , retail , petroleum , and telegraphy grew dramatically, requiring many clerks. As

1064-403: A party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while

1140-458: A person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which

1216-622: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,

1292-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside

1368-400: A result of the country's unique business culture. Japanese offices tend to follow open plan layouts in an 'island-style' arrangement, which promotes teamwork and top-down management. They also use uchi-awase (informal meetings) and ringi-sho (consensus systems) to encourage input on policies from as many groups throughout the office as possible. The main purpose of an office environment

1444-433: A result, more office space was assigned to house their activities. The time-and-motion study , pioneered in manufacturing by F. W. Taylor (1856–1915), led to the "Modern Efficiency Desk" of 1915. Its flat top, with drawers below, was designed to allow managers an easy view of their workers. By the middle of the 20th century, it became apparent that an efficient office required additional control over privacy , and gradually

1520-618: A semi-enclosed workspace for two to eight people; suitable for teamwork which demands frequent internal communication and a medium level of concentration. Cubicle : a semi-enclosed workspace for one person; suitable for activities that demand medium concentration and medium interaction. Office Pod : ideal for fostering privacy in today's bustling open-plan offices. It provides a cost-effective and efficient way to ensure privacy and continuity during conversations, calls, and video conferences. Private office : an enclosed workspace for one person; suitable for activities that are confidential, demand

1596-625: A semi-open or enclosed support space where employees can take a break from their work. Locker area : an open or semi-open support space where employees can store their personal belongings. Smoking room : an enclosed support space where employees can smoke a cigarette. Library : a semi-open or enclosed support space for reading books, journals and magazines. Games room : an enclosed support space where employees can play games, such as pool or darts. Waiting area : an open or semi-open support space where visitors can be received and wait for their appointment. Circulation space : support space which

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1672-539: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to

1748-474: A simple solution and provide all of the former types of space. Workspaces in an office are typically used for conventional office activities such as reading, writing, and computer work. There are nine generic types of workspaces, each supporting different activities. Open office : an open workspace for more than ten people; suitable for activities that demand frequent communication or routine activities that need relatively little concentration. Team space :

1824-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,

1900-624: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes

1976-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with

2052-443: Is being retained but it is otherwise being entirely rebuilt to create flexible office space, retail units and a roof garden with a restaurant. 'Its massing will change considerably, with a portion of the front removed to reduce its impact on key views and new bays added stepping down from north to south creating accessible terraces'. A plaque on the outside of the building marks this as the location from which Guglielmo Marconi made

2128-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,

2204-461: Is required for circulation on office floors, linking all major functions. Lactation rooms are also support spaces that are legally mandatory for companies in the United States, as of the 2010 Patient Protection and Affordable Care Act. Insurance This is an accepted version of this page Insurance is a means of protection from financial loss in which, in exchange for a fee,

2280-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by

2356-513: Is to support its occupants in performing their jobs—preferably at minimum cost and with maximum satisfaction. Different people performing different tasks will require different office spaces, or spaces that can handle a variety of uses. To aid decision-making in workplace and office design, one can distinguish three different types of office spaces: workspaces, meeting spaces, and support spaces. For new or developing businesses, remote satellite offices and project rooms, or serviced offices , can provide

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2432-555: The Central Telegraph Office , which had previously stood on the site). The main entrance, on Newgate Street, was built on the alignment of Bath Street, which had been closed since 1934 and was completely covered by the new building. In 1997-99 the interior of the building was substantially updated, 'to make better use of space, conform to modern approaches to working, and exploit the latest telecommunications technology for more effective and fulfilling working'. In 2019, BT sold

2508-536: The General Post Office , for more than a century. HSBC , currently based at 8 Canada Square , will move into the building in 2025, following the completion of redevelopment work being undertaken by Kohn Pedersen Fox . The building was designed for British Telecom by the Property Services Agency in a 'modern and forward-looking' style (though its Portland stone and granite facings recalled

2584-657: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established

2660-712: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money

2736-494: The cubicle system evolved. The word "office" stems from the Latin " officium " and its equivalents in various Romance languages . An officium was not necessarily a place, but often referred instead to human staff members of an organization, or even the abstract notion of a formal position like a magistrate. The elaborate Roman bureaucracy would not be equaled for centuries in the West after

2812-600: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced

2888-711: The 18th century to suit the needs of large and growing organizations such as the Royal Navy and the East India Company . The Old Admiralty ( Ripley Building ) was built in 1726 and was the first purpose-built office building in Great Britain. As well as offices, the building housed a board room and apartments for the Lords of the Admiralty. In the 1770s, many scattered offices for the Royal Navy were gathered into Somerset House ,

2964-603: The Telegraph Office closed in 1963, Subsequently, the building was declared unsafe and was demolished in 1967. Following archaeological investigations by the Museum of London , planning permission was granted for the new building in 1979. [REDACTED] Media related to BT Centre at Wikimedia Commons This article about a London building or structure is a stub . You can help Misplaced Pages by expanding it . Office In classical antiquity , offices were often part of

3040-528: The building and revealed plans to relocate their offices to 1 Braham Street near Aldgate East tube station . Their new headquarters was opened in November 2021 (in the intervening time they had continued to occupy the BT Centre in a leaseback deal). As of 2023, the 81 Newgate Street was being very substantially altered in what was described as a ' retrofit and expansion' of the property: the building's structural frame

3116-428: The central office each day. As the Industrial Revolution intensified in the 18th and 19th centuries, the industries of banking , rail , insurance , retail , petroleum , and telegraphy dramatically grew in size and complexity. Increasingly large number of clerks were needed to handle order processing, accounting, and document filing, and these clerks needed to be housed in increasingly specialized spaces. Most of

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3192-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in

3268-418: The desks of the era were top-heavy and had a cubicle-like appearance, with paper storage bins extending above the desk-work area, offering workers some degree of privacy. The relatively high price of land in the central core of cities led to the first multi-story buildings, which were limited to about 10 stories until the use of iron and steel allowed for higher structures. The first purpose-built office block

3344-774: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In

3420-671: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on

3496-401: The existence of such "offices". These rooms are sometimes called "libraries" by some archaeologists because of scrolls' association with literature. They were, however, closer to modern offices because the scrolls were meant for record-keeping and other management functions, not for poetry or works of fiction. The High Middle Ages (1000–1300) saw the rise of the medieval chancery , which was

3572-471: The fall of Rome , with areas partially reverting to illiteracy. Further east, the Byzantine Empire and varying Islamic caliphates preserved a more sophisticated administrative culture. Offices in classical antiquity were often part of a palace complex or a large temple. There was often a room where scrolls were kept and scribes did their work. Ancient texts mentioning the work of scribes allude to

3648-534: The first block purpose-built for office work. The East India House was built in 1729 on Leadenhall Street as the headquarters from which the East India Company administered its Indian colonial possessions . The Company developed a very complex bureaucracy for the task, necessitating thousands of office employees to process the required paperwork. The Company recognized the benefits of centralized administration and required that all workers sign in and out at

3724-673: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which

3800-465: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to

3876-475: The first public transmission of wireless signals, in 1897 while it was the Central Telegraph Office building of the General Post Office complex . The Telegraph Office building was originally built in 1874. It was damaged by a German bomb in 1917, and more severely damaged by bombing in 1940 when the interior was burned out; it reopened in 1943. By the 1950s, the volume of telegraph traffic had declined;

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3952-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling

4028-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at

4104-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take

4180-529: The insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of

4256-413: The insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in

4332-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to

4408-559: The invention of the printing press and its wider distribution, there was often no clear cultural distinction between a private office and a private library ; books were both read and written at the same desk or table , as were personal and professional accounts and letters. During the 13th century, the English word "office" first began to appear when referring to a position involving specific professional duties (for example, "the office of the....") Geoffrey Chaucer appears to have first used

4484-526: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period

4560-593: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in

4636-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,

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4712-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When

4788-637: The midpoint of the 20th century, it became apparent that an efficient office required more privacy in order to combat tedium, increase productivity, and encourage creativity. In 1964, the Herman Miller (office equipment) company contracted Robert Propst , a prolific industrial designer. Propst came up with the concept of the Action Office , which later evolved into the cubicle office furniture system. Offices in Japan have developed unique characteristics partly as

4864-659: The place where most government letters were written and laws were copied within a kingdom. The rooms of the chancery often had walls full of pigeonholes, constructed to hold rolled-up pieces of parchment for safekeeping or ready reference. This kind of structure was a precursor to the modern bookshelf. The introduction of the printing press during the Renaissance did not impact the setup and function of these government offices significantly. Medieval paintings and tapestries often show people in their private offices handling record-keeping books or writing on scrolls of parchment . Before

4940-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for

5016-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and

5092-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of

5168-473: The risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that

5244-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by

5320-523: The storage of frequently used files and documents. Storage space : an open or enclosed support space for the storage of commonly used office supplies. Print and copy area : an open or enclosed support space with facilities for printing, scanning and copying. Mail area : an open or semi-open support space where employees can pick up or deliver their mail. Pantry area : an open or enclosed support space where employees can get refreshments and where supplies for visitor hospitality are kept. Break area :

5396-580: The use of large, open floor plans and desks that faced supervisors. As a result, in 1915, the Equitable Life Insurance Company in New York City introduced the "Modern Efficiency Desk" with a flat top and drawers below, designed to allow managers an easy view of the workers. This led to a demand for large square footage per floor in buildings, and a return to the open spaces that were seen in pre–industrial revolution buildings. However, by

5472-700: The word in 1395 to mean a place where business is transacted in The Canterbury Tales . As mercantilism became the dominant economic theory of the Renaissance , merchants tended to conduct their business in buildings that also sometimes housed people doing retail sales, warehousing, and clerical work. During the 15th century, the population density in many cities reached a point where merchants began to use stand-alone buildings to conduct their business. A distinction began to develop between religious, administrative/military, and commercial uses for buildings. The first purpose-built office spaces were constructed in

5548-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,

5624-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for

5700-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for

5776-526: Was the Brunswick Building, built in Liverpool in 1841. The invention of the safety elevator in 1852 by Elisha Otis enabled the rapid upward escalation of buildings. By the end of the 19th century, larger office buildings frequently contained large glass atriums to allow light into the complex and improve air circulation. By 1906, Sears , Roebuck, and Co. had opened their headquarters operation in

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