The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-07-20

The INSURANCE KINGS IN CoUNCu-A
GRAND COMBINATION PRoPcsED- UNIFORM SCALE
or PBEMIUMs.-A meeting of Presidents aud
other officials of insurance companies was Id
In New York city YESTERDAY, the proceedings of
winch we're OF great interest to all of our c'tl-
zens who have anv dealings with those instit1-
tons. One hundred and fifty delega es were
present, represent ng the States OF Pennsylva.
MIA, New York, Mas-achusetrs, Rhode Island,
Connecticut, Virginia, OHIO, and Illiuo s, aud a
capital OF about S30,000,C00. Mark Howard,
Esq, OF the Merchants Insurance Company, OF
Hartford, Conn.,, was elected President, and j.
NJ. Rankin. ESQ.,, OF the Fulton Insurance Com
pany, OF New York CITY, Secretary.
Inc OBJECT OF this gathering OF insurance
kings was 10 form such union among the
companies which they represented as would
enable them to act in concert in their general
business proceedings, having special reference
10 the rates OF premium and the prevention OF
lnCendiarism,
A Committee previously appointed through
ITS Chairman, Mr.. Heald, of the Home Insurance
Company, presented the following ser es OF
resolutions, which we're unanimously adopted:-
,"Wkereas, 1t is wei kno vn that the business OF
Fire Insurance, IN which Is invested, in the Unied
States, some $50, 600 000 capital Ia from the prva.
lence OF eN tremelg ow rates Of premium and from
excessive iOsses growing out of the frequency OF
ines during The past two years not only non remn-
Ierntive 10 the sOckhO ders OF many OF these instr
turons, but threatens the impeao lment OF the
capital and the consequent withdrawal from the
community OF sufficient guarantee aga INST Losses b.
nre thereby affecting the interests OF the princely
risE, and the poOr man who owns only hts own
homestead, and who Ike seek protection against
the calamity of the BILE destruction of their pro-
perty by the de, ourinR ement fire.
"RcSOiUed, That u Is sClteUdent proposition that
those ho risk their capital in nroyd the means
OF IDsuruI CO against loss OY fire. justly entitled
TO receive iron those whom they thus protect such
rates of rem Om as will, att meeting tue losses
yield aGcqua mpen alton for the hazard to
which sIc ch capital IL exposed; and II Is believed
that those who seek such urOtectOo generally pore-
cate this fact ana are disposed 10 uphold the co
n n n rne nd nj nat hn trina
means OF promoting their own security.
"Resolred, That the greatly reduced rates of pre-
MUM which have obtained within the last 10 years,
in connection with the larae amount of losses
tanned bv the fire insurance oanieS the United
States within the past e. ears, have rendered
mature advance of premium necessary to continu.
nnce of the business and 1t consequent v becomes
the 6u'y OF those to whom tn. business of the com
obtsln by general co.opeIauon suitable advance
the rates Of pre- NUNS "
II was proposed to form the association into
National Board Of Underwriters, the objects of
which should be as tollow:-
II To es ablisb and maInian as far as practicable
q system OF uniform rates of premium.
"2 10 establish and maIn'ain a uniform rate of
compensat on TO agents and brokers.
"3 To repress lucendiaTism and arson bv CON-
bining in suitable measures Ior the apprehension,
conviction and punishment of CRIMINALS engaged ia
"A TO dsyiso and give effect to measures for the
projection OF our common Interests and the promo
tOn OF our general prosperity"
Considerable debate arose on the Constitution
proposed for adoption, which finally passed, with
some slight amendments. 1t provides Tor the
election and duties Of the officers of the Board.
The powers OF the Executive Committee were
thus deGned:-
"The Executive Committee shal consist of fifteen
members OF whom not less than three, nor more
'han tour, ehal he representatives of companies of
the city of New York. not loss than two from CON-
panies In the citv OF Hartford aud not more than
three; aud not exceeding two ON the cites OF Bos-
ten, Providence, Philadelphia a, Baltimore. Chicago,
ST. Louis, CIuc'nnai j. New Haven Spnngfie d. Wor-
ceSter, Cleveland, Albany and san FrancIsco. Inc
committee have power TO I'll vacancies.
" T. shalt be the duty o. the Executive Committee
10 consider all plans prorOsed tor ihe common VEL
fare ana If fouLo worthy aud practicable, to recon-
mend The adoption of the same by all the members
OF tbis Board to aid and advise in the formation of
local Boards az all omnens points, and IN the
tabnshment, far practicable, of rates at all
smaller points where such aid aud advice NAV be
desired to endeav"r to procure unifo nifty IN ne
form OF policy to be used, and more careful mode
OF writing pO icies lheY shall also consider and
recommend some mode of Obvating the evils of
loose and indefinite up6e writing: such as the too
genera perm ssion of o,her Insurance without no.
tce; the granting extra PRIVILEGES without charge;
excessive insurance; hastv adjustments and pay
of Csses and kindred evils that the practice OF
later years has engratted the bus ness OF uuder-
writing and other matters prOmOtive OF sound un-
derwIlting ano the general good Of the members OF
| this association"
After further discussion of sundry mstters the
! Convention adjourned, to meet again today.
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