The New York herald., 1869-03-22
Report Of Executive Committee Of National
Board Of Fire Underwriters.

Report Of Executive Committee Of National
Board Of Fire Underwriters.
Mr.. PRESIDENT AND GENTLENES-It becomes my
duty chairman OF your Executive Committee to
present to you the report OF the acts OF that CON-
mittce during the time that has elapsed since your
last annual meeting.
Your attention is called to the published proceed
ngs OF the meetings OF the committee held at Pha-
deIphia on the 18th and 18th days Of June, and at
Boston the 1lth and 18th Of September for state
ment In detail Of the measures discussed and adopt
cd In urtherance Of the objects of our association
Some Of the measures there adopted have been car
ried out with signal success and others have re-
ceved careful consideration by subcommittee
having them In charge the results OF which viii be
given you in detail by the several committees.
The practical working OF our system Of rating and
equalizing rates to risk viii be stated at length in
the report to be submitted by the chairman OF the
Committee on Local Boards, Rates and Commissions,
TO which your careful attention Is invited The labors
OF that committee have been severe and cxhaustnQ.
and to Its steady fahfuness is to be attributed In
no small degree the favorable results obtained during
the past year.
other committees win bring before you matters OF
the higest Importance To our general Interests and,
1t is to be hoped, that the measures to be recon-
mended by them win receive your hearty approval,
and result In lasting good TO the public ana the
The purposes OF this Organization have been 40
often misapprehended by those partially informed
Of ts objects or so grossly misrepresented by those
whose selfish interests were affected by its opera
tIons that your committee feel called upon to set
forth anew the motives which govern you in seek.
ing the aid OF an association Ike that Of the National
It is well known fact that for years before its
organization, the business OF nrc insurance was
conducted with only such system, uniformity,
experience or skill, as the isolated and
necessarily limited administration OF individual
op No Of Views among @ e
little or fellowship, and an absolute repugnance
20 union Of experience ~, Tor the guidance OF the
system of statistical Information being carried ont
under existing circumstances, there was an effort to
Important when combined, yet so valueIess when
Isolated and locked In he experience Of individuals,
cnnanv has heen most successful winch bas nss oss
closely studied this nrst principle OF eur business.
The business OF even our largest companies Is
Liable average; in fact, until within few years. 6re
insurance has not had even general statement
of,,cai reportA These reports have been or great
service imperfect and impractical a. they are; but
they have and VIII. ever faiI to afford that aggrcgs-
fundaincnisi bass OF the business. No man can
write Thousand with profit at rate based on The
average loss on q thousand RISKS OF like character:
neither can he nx an adequate rate o. premium to
fx q proper rate to Thousand. The law OF average
prevails 20 q wonderful degree In many depart
menta, subject 70 the widest caprces or chance in
Its individual members. Nothing but the winds and
the waves can be moro capricious and uncertain
tnan human life In the indivdal man. vet life iiseIi
In the aggregate, presents an average as
certain as the simplest proposition In mathe-
matlcs The average life OF q thousand
men presents mathematical certainty, and
thousand risks on property, subject only 70 acci.
dental destruction by ore, should present an equai
certainty for calculating the premium. The objscs
OF this organization II TO bring face to face the prac.
tcal underwriters OF the country, with al their ndi-
vidual experience, ana combine the same into GER
tain and reliable basis for the future conduct Of the
business Whatever actual knowledge OF this law
may hsvs bssn obtainsd by Ne eldss "a no1S co.