The damage to British trade and military victualling was substantial. Insurance premiums on vessels traveling from the West Indies to England at times exceeded 20 percent of the value of the cargo and the ships—higher than during the Seven Years’ War—and were still rising. Lloyd’s of London estimated that in the first two years of war, rebel privateers would capture several times more merchantmen than the Americans lost in vessels of all sorts. A loyalist trader in Nova Scotia who had five ships taken that fall told his diary, “No protection afforded as yet from government.… The people are
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