Well... since you cheated, you can't win anything. That is really a shame, too, because I was all set to award the winner "a vacation to Tahiti, a new Porsche, and $50,000 in cash."

But... yes, that is correct.  In the mid-17th century businessmen would gather in Lloyd's Coffee Shop in London where they would insure merchant ships for their voyages. Those seeking coverage would would post a slip with statements about the voyage, i.e. the type of ship, the destination, cargo, and number of crewmen. These were known as warranties. Those who were willing to insure all or part of the risk would literally write their names under the warranties, along with the amount of risk they were willing to incur.

Interestingly, the warranties were very strictly construed. So, if a merchant warranted that the ship would sail with a crew of at least 30 men, and it left with only 29 - the policy was void.  The insurer would not have to pay even if the ship was lost to a hurricane.

Best,
Robert A. Franco
SOURCE OF TITLE