Who is Gavin? Is Gavin your founder? Where does the name Gavin come from? Only a small selection of questions we get asked about our name. So what follows is an explanation of the name and where it came from. Because there’s actually a thought to it…it’s not just a name.
The story starts, as every good story does, a long time ago. Very long ago even, around 800 BC. That doesn’t mean that Gavin has been around that long or that it’s taken us 2800 years to come up with our name (…although the latter was quite a lengthy process) but around that period the Lex Rhodia, a maritime code, was drafted. That code already mentioned a way of insuring called General Average.
From then on General Average has always been part of maritime laws around the world in some way, shape or form. And before you continue reading a small warning because we’re about to go into legal-language mode to explain what this law entails… The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.
So... to explain that legal mumbo-jumbo here’s an example. When a ship gets caught in a heavy storm the crew might decide to throw some cargo overboard to save the ship as a whole. All participants of the expedition will then share the losses of the sacrificed cargo.
These age-old maritime law resembles parts of our Gavin insurance model. Not that we throw cargo overboard but…all damages incurred in a month are shared afterwards between all the ‘participants’ which results in everyone only paying for damages that actually occurred. That’s why we took the first G and Av from General Average for our name.
Now that leaves us with the ‘in’ to explain. That comes from innovation. Because Gavin aims to show that insurances can be done better. Gavin has re-invented the insurance model, truly innovated it. And just because that’s a less exciting or sexy story than General Average doesn’t make it any less true!
Summarizing we have the ‘Gav’ of General Average and the ‘in’ from Innovation. Together that makes Gavin!
Not a person and not a maritime organisation but also definitely not just a name :-)