If shipwrecks were more common in the past, did people shipping things have a higher expectation that their stuff wouldn’t reach its destination?

Question

Like, did they just shrug and be like “oh well, I guess we aren’t getting our pineapples this year” or was it a rare and problematic occurence?

In: Other

Answer 1

Short answer, yes. Imported goods were never a given. People were delighted if they did arrive but they didn’t count on it, and most imported goods were luxury goods for the wealthy anyways, since due to the volatility of the trade, they came with a significant markup. That was in part an attempt to counter the losses from sunk ships, but even then many shipwrecks led to the bankruptcy of merchants and ship owners.