New-York tribune., 1867-02-22
FIRE INSURANCE.


PoURTHs RULE.
rie second DAYS session Of the National Board OF
w rwriters held yesterday at the rooms No 100
BroqI- way the Chairman, Mr. j. Mclean, presiding
Tie chief point which for discussion ana WHICH,
in 1T occupied the attention OF the Convention during
IL morning session. was the question OF unlimited III
sutaice Mr. Howard Of Hartford offered q resolution
recommending the adoption OF the Hamburg clause
vh.o, restricts the insured from claiming more thah
thraefourths Of the value Of the property insured
In introducing this, Mr.. Howard SAID that ho
thoivht 1t proper 10 give little history OF the matter
The hartford insurance companies had unitedly re-
oues ed that matter OF unlimited insurance should Oe
brought before the Executive Committee OF the Nauoai
Road II had been so brought forward. and had been
referred by that Committee TO another Conmttee' o
whih he the Chairman. Through inyestigatoh nc
had found that majority OF underwriters favored tne
thrc,fourths rule and was not until he came peIore
This Board that he had heard dssentlent voice. some
peoJle TO think that IL is pIescrptye rsn o. te
insed TO gain insurance TO the fullest exton POSsi@D @
Jt he idea of unlimited insurance IL an lnn0VatOn ana
has ,u recently been put into practice III was very III
jurs TO the business OF the insurance % reach
the question should be stripped OF al It's
For eempe when man mas Og cdpts b spposp me
him Il buy stock valued at 81 100000 II he can get nr
but S1 II m Gp Spg snc be detpoyed
bv m should lose $4,000, since you canhot recover
fneer and merchant would be thus destroyed and the
fornG would have 10 go out OF business lhs mou9 VI
eof Insurance must also seriously affect the business
OF ~ country by compelling many business firms TO re,
nnt ford 70 insure at high rates Mr. Plat offered
motm to the effect that committee Of intelligent un,
VIII the whole matter should be referred a9d that they
repot at the next yearly meeting OF the Board' tho sn.
! eci He did not favor the Hamburg clause" He
oc ompanies laid in the officers themselves Any
suranoe company that could not afford TO lose Tor year
or two and pay from its surplus fund.- ought to wnd up
ts af,,rs There Was nothing alarming to sound com
pany excepting general confagraton ana there are on
an average but and eeghth OF them In year III
| Tho
large district. after ALL IN loss no larger thah Our
snch stores as httondens In London there were larger
fires and they occurred more frequently than they 40
here The insurance companies insured at lower rate
10 prevent them {rom doing profitable business The
speaker thought that II any committee was appointed TO
nyctlgae these matters. II should be sent 10 Ehg.hd
| Germany and France and SEQ now Insurance WAS coh
Mr. Hodges of NewYork offered an amendment TO Mr.
Patts motion. as folowsg Resolved, That dhe 60 Iom
nittes adhere 70 'e rue ncai Roards to tbe
rates established by the National Executive committee
I plcles may be issued to any party who Will receive
the same with the three fourth or Hamburg clause added
! at o reduction OF 20 per cent" , -, ,
Mr Draper Of NewYork spoke IN favor OF the amend
| meut and also foyored Mr. Howard's resolution.
Mr learned OF Norwich said that main point In the
case lad been overlooked There was legal question
connected with the which had not been considered
decide in favor person who would bring suit for the
! Mr. Head Of Ncw-York said that since lncendarsm
ro5rages e me- thomsh Il should he looked INTO Many
fires we're gncd by yagabonds for the sake of plunde
who fire To his goods 10 save himself from bank
ruptcy. lie favored the Hamburg clause lie also was
greatly favor examining into the character OF the In
sured party who should be brought face to lace win the
officers. By this means he thought that losses by hcoh
diarism would be diminished 2j per cent
Mr. Ilatt Of Philadelphia amended his former motion
by referring the matter To the Executive Committee
On motion of the Chairman the motions. resolutions,
and amendments regarding the affair were all referred 10
The report Of the Committee Adjustment was then
read by ihe Secretary Among The many abuses nov c1
sting In the adjustment OF losses We would ennmeIatc
nst tho settlement II claims without due investigation
II is the opinion OF large number oi intelligent under
writers, With whom your committee agte thAt OF inc
claims for LOSSES Tor the past year. az least 10 per cent on
an average has been paid IN excess of the actual liaD
tiles Ot companies making m excess III paS,hcut ul
100000 IA one year. This excessive payment has bpn
caused by valuations cXorbitaut appraisas pny
ngc- stealing Sc Sow what is the remedy Tor this con
don Of things and should not tbs Board exercise us
poWrT 10 apply IL Your committee would recommend
that 10 adjustment of loss Do made without rigid nYes
that payment be deferred untu a least 90 DAYS stci aie
Of proofs unless the adjustment BE- ooncqrfed In 10y
naouty OF the companies interested IN Tho loss, and hen
by deductug Interest for The neAlHred term, -,
Your Committee would further recommend thai when
which Is general and others specific that the gen
efal policy shall be- deemed 20 be liable 10 contribute pro
rata ou each specific subject Of Insurance
! was referred back 20 the Executive Committee.
.nses pr ihs state Of Sew York was then introduced
aud poke at some cngth on The 1dyantnges OF such an
Mr Hcud proposed the suJonedIosolutloh' when was
w.. 1l or-snisaioa a, - mate ihe medium obtaining
'al statistical tua'oH q sa' apoale' TO Insurance Interest
iIisd Ta,i oomres be authorized 70 iu,te ueh
frn m all OBJ, ,ompaa' 90 ilo tn"l states and ~ Agrnae,
prop- fs ofb51t rd uh obtained distribute
Mr Blsell OF Cuicago made motion relative 10 taking
risk hflammahle matter, which was referred To tho
Tho N9nnls cgGmi,,gc I'm appointed yfsor&lsy & TSS
! bcu voted FOR wcre unanimously elected;
Den Hartford : Parrish Providence Secretary VIZ
Plan Of hsui Walter siae aad u Dehoss o Pn' donr.
sls lo;S' D. & AJS iySg s@ hIss % , 1 c,., G S Ta d.
" Iamp-r S;,i G. 4 lsk, II. 4. oakley of Ses iork a
y frsf,isi5h, x + Camp6e = 4 sgl5.tier Of Baitmos.
Sp w1 G D s Aai d Bia O. y aisn Of As.S5
Burns'i Jane, Carter a9d W " CI.ey Of Cincinnati, ,
ssa " SS 5 y5 S ,o w.S wp " Shs . % P1 ceDs H. l. D
M Hope proposed the following resolution which was
iclrSd That e different Hsarurs compAae. advised
f.a', 10 l1. 3 fOs.' P1ns % NV, & a Ds p E ss s Gt
vote OF thanks 10 the Executive Committee and the
retiring Secretary, Mr. Charles Ballard then offered
! and unanimously adopted.
Mr.. Rouse read tho annexed resolution which was
Re5i,d That on api aner the M lay Of
Tic moetlnatheu adjourned.
Tonight dni6r 70 be given at Delmonico's. corner
Iifth-aye and FOuroeuthst to the members OF the
Board and the delegates visiting the Convention.
THE LEGISLATIVE COMMITTEE.
| The Assembly Committee on Insurance met yestcr-
day at the Metropolitan Hotel TO consider the cause OF
the -ecent fires IN this city aud Inquire into the means OF
eXtlngulshmont employed available to that end. The
! Committee consists Of Mcssrs lounglOye chairman,
Penfeld Frear Iefeyre and Blauyet The first witness
was DIR George W. Savage, n member Of the committee
appointed Wednesday by the National Board OF Fire
Underwriters. lie stated that during tho past two or
three years fires have been unusually frequent and tho
loss unusually heavy, ascrbing their origin to occi
dental carelessoss aud inconiarsm lie did not think
the paid Fire Department responsible for tho increase
in the number OF fires, and considered the present sys
em an improvement on the old Fire Department. The