The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1856-04-09
For the Register.
us my Insurance Policy good for
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Mr. EDlToR: 1t is interesting to trace
tie history Of tho different Institutions
established for the protection of prop
erty. Not one such 'institution has not
failed entirely, however good its object
aud mode oe organization at first, when
its management became entrusted to
selfish and upprincipled men.
And more than this they have not on
ly failed to do good, but have invariably
done injury.
Recklessly managed companies and
corporations, iujure not only those i'm.
mediately connected with them, but all
other companies and corporations of the
same kind. They establish precedents
of rascality aud iniquity which beges
prejudice which works an injury to a
whole state or nation.
Corporations have peculiar facilities
for ubiquitous practices, aud it is too
true that they too often take advantage
of them The only way to prevent ni
guilty with certainty is by legislation,
aud the greater the opportunities aud
temptations to such iniquity, the more
strict should the legislation be. The
rascality in the management Of some To-
surance Companies tells plainly of the
danger of trusting too much to the hon.
es;y Of corporations, and calls loudly for
immediate and effectua, legislation.
The importance Of Insurance, involving
the value Of so much property, taken in
connection with the stupendous frauds
practiced upon policy holders, makes it a
subject worthy Of the serious attent ion
of the Legislature.
The subject Of Fraudulent Insurance
Companies is becoming ono ofgeneral in
tercst--an interest forced upon US by the
acts Of the Companies. The investiga-
tons made Of toe management Of some
Companies has disclosed da ing rascal
ity Of a set Of inscriptions men, almost
unprecedented On examination some com
panies prove to be good fornotbing from
careless management and insufficient Sc
curity. Others show intent Of fraud from
the very beginning-show that they knetO
that their policies from frs! to last were
not good for anything at tho timo they
were issued,
Investigations are hard things for
many Of our Insurance Companies they
cannot survive an examination. 1t is
proved that light and law are things des-
tructive to them. 1t is proved that the
| policy which seemed so clear and fair to
the Insured, proves in case of loss to be
/ filed with little - loop holes of retreat
through which his claim may be avoided
! Ii is proved that their reports are IN
true. that their book, and records are in
accurately kept, that agents make unjus
tidAblo and exorbitant charges. whereby
the companies are embarrassed, that
their agents make representations to the
policy-holders that are untrue, and give
interpretations to the by laws, such a.
the policy-holder, in case of loss, is una
Die to maintain, and that the capital o.
the company required by law is in fac
only nominal, and tEat while they have
insured property TO the amount Of hun
dreds Of thousands Of dollars and were
drawing premiums upon it, they vert
not worth thousand dollars in thu
world. These things need looking to-
we cannot endure such organized rascal
ity, and we are glad to see that our siste
states are setting the good example of
thorough examination. t