However, a novel type of insurance that one would recognise as modern emerged in the London "coffee shops" in the 19th century. Shipowners and charterers would seek underwriters to insure their ships, and cargo owners (whether shippers, importers or consignees) would insure their cargoes. Carriers soon realised that often they might themselves be at fault should cargo be lost or damaged at sea, and they sought to take out third-party indemnity insurance in respect of cargo liability. Underwriters showed an unwillingness to take on such open-ended risks, so shipowners responded by forming their own mutual P&I clubs, acting as a shipowner's co-operative. An advantage was that a club worked for the shipowners, thereby eliminating the underwriters' profit margins and making P&I Insurance significantly cheaper.