Commentary for Bava Metzia 138:15

אמר רב פפא הלכתא ספינה אגרא ופגרא

As for a ship, Rab said: Both hire and loss [is permitted].<span class="x" onmousemove="('comment',' I.e., one may hire a ship at the lessee's risk in case it is damaged or sunk. ');">¹⁴</span> Said R. Kahana and R. Assi to Rab: If hire, no loss; if loss, no hire.<span class="x" onmousemove="('comment',' I.e., the two together should be forbidden. For if the ship be assessed and the lessee accepts all responsibility, it is as though he had borrowed money to its value, and the rent is usury. ');">¹⁵</span> Thereupon Rab was silent [being unable to answer]. R. Shesheth observed: Why was Rab silent? Had he never heard what was taught: 'Though it was ruled that one must not accept from an Israelite "iron flock" [investment with absolute immunity for the investor],<span class="x" onmousemove="('comment',' [H] (V. B.B. Sonc. ed. p. 206, n. 3) I.e., one may not accept a business on a profit sharing basis, whilst guaranteeing the investor absolute safety of his money, like 'iron sheep', which cannot come to harm. For if the investor's money is secured, it is a loan, on which he receives half profit as interest. ');">¹⁶</span> yet such may be accepted from heathens!<span class="x" onmousemove="('comment',' Because one may receive from or give interest to a heathen. ');">¹⁷</span> It was, nevertheless, ruled that if one assesses a cow for his neighbour, and says to him, "Your cow is charged to me at thirty <i>denarii</i>,<span class="x" onmousemove="('comment',' Should it perish or come to harm. ');">¹⁸</span> and I will pay you a <i>sela'</i> per month," — it is permitted, because he did not assess it as money.' But did he not? — R. Shesheth said: He did not assess it as money whilst alive, but only in case of death.<span class="x" onmousemove="('comment',' I.e., only if it perishes is he responsible for it; but should there be a price-drop whilst it is alive, the hirer is not responsible, and this saves it from being considered a loan. Hence in the case of the ship too, since the lessee is responsible only for shipwreck, but not for a drop in its market value, it is not an ordinary loan, and therefore a hiring fee is permissible. ');">¹⁹</span> R. papa said: The law is: For a ship, both hire and loss [is allowed],

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