Another indication that mass- merchandised auto insurance is alive and kicking. Colonial Penn Group is planning a mass-merchandised auto plan for professional, fraternal, veteran and social organizations. A Boston brokerage firm with an auspicious client list has merged with the publicly owned giant, Alexander and Alexander. The Personal Property Floater seems to be having rough going. . .
Adjusters say one big difficulty is determining just when losses occur.
For example, one claimant reported the loss of a string of pearls and subsequently discovered that other pieces of jewelry, silver and clothing were missing. There was no indication whether it was one loss or many, so the resulting settlement was a compromise between many deductions and a single one. There are other factors, but PPF seems to be losing money under present conditions, and rate or underwriting revisions cannot be too far in the future. This deductible was enacted as an alternative to the 75 to 100 percent increase in rates justified by the last five-year experience. Since 1941, the combined loss ratio in Texas has been 81 percent.