The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-06-27
THE BOARD OF UNDERWRITERS.
To the Editor of the Bulletin:

To the Editor of the Bulletin:
In your afternoon issue of yesterday Goth
inst IAN Old Merchant" goes after IN
for some statements made by him in reference
to the course pursued by the Board of Under
writer's with regard to settlements of losses by
fire, delays, etc, etc. Now, while | have nc
doubt IN is perfectly able to take care Of
himself, permit me to take issue with IAN Old
Merchant"
The fact that the Board of Underwriters
deemed it necessary to republish their resolu
ton about judicial investigation, would indi
cate that they had not rigidly enforced it since
its passage, but had abided by it or not, a.
they felt like doing. Its repassage or repubE.
cation at this particular time looks very much
like it was intended to reach particular cases
and | believe this to be the general opinion il
business circles.
With regard to the sixty-day clause, claim
that, if insurance is indemnity against loss
payment sixty days after adjustment Of loss
is not indemnity, and that while insurers &c.
cept this clause in their policies it is with the
tacit understanding that the loss, if it occurs,
will be promptly adjusted that, if so de-
sired, the claim can be rendered available.
In heavy case now pending the action OF
the Board of Underwriters has been OF such an
extraordinary character that no policy holder
can feel safety from loss. Nearly thirty days
have elapsed since the loss occurred. Not
withstanding the sufferers have presented their
claim in proper form, based on figures which
are sustained by their books, and which have
the Endorsement of almost every leading house
in the same line of business, no settlement has
been reached. On the contrary, the board has
seen proper to adopt, for ascertaining the loss,
method which is condemned as utterly i'm
practicable by all business men who have dis
cussed ia method which is tedious in execu-
ton, fallacious in theory, and barren in accu-
rate results If this is the iberalty and
promptness of the New Orleans board, which
is so far in excess Of that Of the boards of any
other American city, the others must be Mig
gardly indeed.
As to the idle and scandalous rumors to
which "A. O. NJ" alludes, if he refers to this
particular case, they had no consistency until
they were put in circulation by the members
of the board themselves To begin WITH
they took statements from their books, and re-
peated, in conversation the result, when the
books were in an unposted condition. certain
leading general accounts only being posted at
the end of every month"; and not at that time
finished. This was decidedly unfair, to say
the least of it, and when we come to add to
this the suspicious and refractory remarks so
freely INDUCED in by certain members OF the
board we must say THAT these parties have
been illiberally and unfairly dealt with.
The trouble in these kinds of cases does not
arise with the body proper of the Associated
Underwriters of New Orleans, which is COM
posed largely of our best citizens, men Of wide
views and great sagacity, but with individual
members, who, allowing their zeal to outrun
their discretion, damage the interest of the
stockholders they represent, by their indis-
position or inability to do Justice
A YOUNG MERCHANT.