, 1874-07-25

The subject Of insurance has peculiar interest
at this time for the paopta Of this city. Chicago
has always beon liberal insuror, both on build
ings and On merchandise and furniture. Good
mud substantial companies hava been attracted
horo, as hayo also weak companies. Wlilo this
city has furnished Il profitable field for we'll
regulated companies, it has bcon equally pro-
dnctiye to that other class who do reckless
busiuoss. There are certain particulars which
tract. Tho insurer should be responsible. and
should do business in prudent and careful n1asi-
nor. Evory company onght to bo ablo to decline
insurance when the risk Is more than ordinary,
and should demand ratos that will enable it, in
caHe Of loHa to meet its obligations. The facility
with which man cau get insurance on any kind
Of building llo may choose to eroct is danger to
the general safety aud an ultimate loss to tho
insurer. Each owner ought to DO peounlat7y
Interested in not having his property burn down; !;
and, as 4 protection to his own property, ho
should take care that Lis ueighbora slall not take
fro. But whon oach nun holda policy for more
thun hls building is worth, mud oaoh tenant is
also insured for tho full value ot his stock, hore
iB Ill absence Of interest in tho prevention Of
fire; aud, In caBo OF monetary stringency, falling
market, or stasnation in tlade fires will happen.
and thoro il = general sell.out to tho insurance
companies
Nov this mode OF doing business is fatal both
to insurance companies and to the insured; and
tho remedy ia partly with tho insurance compa-
MICS, partly with the proportS-owners, and partly
with tho public authorities. Tho public author
itios ahould, in the trst place, provide adequate
Laws, aud rigfdly enforce tAom, regulating tho
manner Of building, tho materials used, and tho
management OF any businoss Of moro than Or
dinarily hazardous chagactcs. They should aipa
to havo tho city 30 built that tho property would
bo generally troo from danger from fro, aud
subject ousy to auah accidents aa human care
cannot anticipate To meet such aooideuta it
should have not oaly an available and sufficient
| supply Of water, but tue machtuory aud akillful
hands to arroat such hro, nnd conana 1t to tho
place OF ita origin.
Under these circumstances inauranoa com
| paucy might talo risks at ratos far below those
! which azo now required for = safe businoBs in
cities wlloro tho public autAoritoa have not done
| their duty to tho public. Government in thia
country has dogeneratod too much into a moro
struggle for spoils to expoct legislation Of this
wholesome character. Tho only laws for tue
| general aafety are those ill-digoHted moaHurct
that are passed. Immediately upon tho occurrence
! Of somo startling calamity, Under thoso oir'
| cltnhtancos, tharo must be q CONCERT Of action
between respectable insurance companies ant
the properly-ownors. This clnas Of insurance
companies must adopt certain principles, via.
]. Strong discriminating rates; that Is, ono rate
Of insurance ol. buildings and tho property there
III, where all tho architectural projections
against fro hayo been secured ln tht
construction Of tho building, aud where
all tho means and appliances 10 exttnguish O.
suppress tlroH have baen provided and ,nuol
higher rate Of insurance on build inga whor'
tloAo precautions are not found. An o4ua
tariff Of Insurance is unjust to tho owners 0
eafoly-oonHtrotsd buildings, and tcnls to dis
courage caro- iu such matters because VII oIasse
Of buildings aro charged aliko 2. Tbs respon
dhte insurance companies tauas unAha u 4 roa