The transfer of risks in ancient rome and the origins of insurance law

Abstract

The notion of “Risk”, if the term is used within the scope of Roman contract law, usually refers to Periculum Emptoris, the risk of destruction or deterioration of the subject of sale. In Roman law, once a contract has been sealed (is perfecta), the periculum would pass to the buyer even if the delivery of the subject of sale hasn’t been carried through. One should remember that if the contract is imperfecta, the risk would remain on the vendor, so it is imperative to know after which steps a contract can be considered complete.