The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-01
INSURANCE INNOVATION.

special Mcot1n8 OF the bOar0 OF Un1erwrtss
crs-Three Bills in the Legislature Con.
SHERIDAN Attempt 1T Albany to RevoIu.
tionize the Insurance Busineas- solutious
of Quiet Defaace-rhe Changes tho Bills
Would EneSt.
Tie New YORK Board Of Fire Underwriters held
special meeting yesterday afternoon at their rooms
l56 Broadway, Henry A. Oakley, president, In the
chair, and William W. Henshaw secretary.
Mr.. OAKLEY opened the meeting by explaining
why II he mad called the Board together. There
were three bills now before the Legislature which
were entirely preJudical the interests OF the in
sured community, and he felt certain these bs
II passed, would not prove benencia, In any way.
The bills to which ne referred e2 introduced
by Mr.. Bunce; No. ga by Mr.. Alvord; No. loi by
Mr. Burns The first Of these provides that 1t snail
not be lawful for any fire insurance company TO
make reduction In the amount to be paid Tor the
loss originally insured on the ground tina, the build
ing or property had been insured Tor an amount
exceeding It's actual value The second provides
that the amount written IN the policy agalns: the
amount lost shall in all cases be taken as prtrnd
Idcie evidence OF the damage sustained The third
provides that all fire and marine Insurance compa-
MES snail
IMPROVE THE CHIRoGRAPHY
on the face OF the policy with type and letter not
less In size than that usually known az small plea
The first OF these bills No. 625, would, If passed
have simply the effect OF necessiiatng
companies not TO avail themselves OF well
settled well defined principles OF law, wherein
disputed claims between the companies and the
insured have been aJjudicated and permanently dis
posed ofbeyond question. BY tnis new legislation
1t is proposed TO remove the restrictions OF the past
and change the OF proof In case OF loss from
the insured to the company. section OF tnis ol II
providing that the amount written In the policy
against the amount lost shall IN all cases be taken
pTun0 Jdcte evidence OF the damage sustained
would SIMPLY require each company nave an
agent IN tnat town OF that Stale IN winch property
was about TO be Insured IN order 10 apprase sad
property and this, 10 Is needless TO say. throwing
the onus ~ proof on tue company, AS II does, would
be pre- osterous The seconl bill referred 10,
IL assumes TO permit tnat property mgnL be insured
from following up the risk by IL assumed and
thus opens the way to endless frauds. The third
used on the face Of the policy, mai tae COM aay
which did not do so should pay, in case o. loss,
third more than the iull amount SPECIFIED, Is simpy
absurd aud aims at manifest Injustice.
several members then addressed the meeting,
among hem beng Messrs. John r. Hope, Edmund
Driggs, Nathan O. Ely, ID. A. Head, T.. Is. Fellows
James NJ. Rankin, j. II. Pinck icy and others. Ali
the speakers were unanimous IN opposition 10 the
spirit OF the bills above referred 10.
The following preamble aud resolution, presented
by Mr.. Hope, were then read and adopJed:-
Whereas there before the Legs state
various measured relating 10 tie OF Insurance.
beng Assembly bills Nos 1o4 ga, ozo wpcn pro.
IN many ,mpo..bs Of sesossmen ~ ana 10 s
embarrassing and expensive, without equisaent
advantage either the or to their
and another Of which provides for such 10 the
adjustment OF aims Tor losses hTc
crime 10 foster
another OF which idcs for deposit securities
preliminary the right of transacBg
by companies charee by other states OF The Union, OF
whose property within reach Of the courts o the
measure wrong In principle, inecient Tor security,
With promputude, abso utey all respects useless
wherever Insurance. department supervisory
power established an calculated, recipro
cal laws already existing In OF the states either
weaken the OF this state by isoang peJg
Ing their security la SPECIAL localities thus
them unable to extaDrdinarJ
with of driving alto
Rether 10 the dcment OF their
Selves aud
Whereas the effect OF all such although their
Immediate and temporary influence the
Is ~ tue end 10 Increase Inevitably and largely the
for insuring and thereby damage the great conuny
the nsrei with poportionate Increase Of pront To the
onpanice and
Whereas IL 10 the business OF the community, through
legislation and Otherwise the
small they choose and
permit and the DUTY OF the discharged when
they stated plainly the OF
action respecting the business; therefore
Resolved That this Boafd declines do anything In
the premises than TO declare that the
aed the transaction OF
the business, 10 fraud
costly 70 property holders.
The report OF the Committee on Laws and Legisla-
ton was then presented BY Mr.. Pinckuey and re-
celved. after whics the Board adjourned.