New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-08-02
INSURAYCE LYTERESTs.
A NEW STEP IN FIRE INSURANCE.
LnIrNG THE RISKS OF COMPANIES ID the AMOUNT
OF NET As>EIs.

LIMIIiNG THE RISKS OF COMPANIES ID TIE AMOUNT
or NET As>EIs.
The New-York Board of Fire Underwriters
has l,u Of insurance under consideration, winch, ys
prominent oncal, Will prove highly adyantage ous to
the strong companies strengthen the wea4er organize
lions aud drive ont OF business altogether the
seriously impaired aud br0kendown corporations"
The object is to restrict rsn pOrant BUSH
ness localities not greater than the net as
sets OF the company. The matter before the meet
in OF fire underwriters few days ago upon discussion
Of the Massachusetts, law. which makes 1t msdcmeanor
to exceed amount Of risk, above stated TIC SUBJ
ject was referred to the Law and Legislation Com
mttee OF which Peter hoffman OF the Niagara
Fire Insurance Company is Chairman, to submit
draft n law, and special committee, consisting Of
the Chairman oi each Standing Committee. was desg'
paied to lay out risk districts in the city
Ii is undeIs stood that the special committee has Laid
out a dry goods district comprising Tie parts OF the city
in which the bulk Of the wholesale trade and warehouse
business Is transacted. IL embraced between
Chambers and Spiing-sts.. West Broadway, md
south FIfth-lye., CcutTc-sL and the uycr-lIonL
where the larger warehouses are situated Ihe
committee has determined 30 submit petition 30 30
presented to the State Insurance superintendent, re-
questing him to issue extra sheet OF inquiry or tle
purpose OF asceranng the total amount at risk IN tho
proposed dry goods district, held by the companies
doing business In this state.
The Law Committee has given the matter referred oi
favorable consideration. and viii report o. the 30 M u
its meeting the draft of law TO be urged To passage
the next session OF the Legislature. Il provides Tat
the Mayor and Aldermen VI tho several cities IN ihe state
having population OF 10000 and over,
shall Immediately upon the passage Of tho
ACT. divide their respective cite, into five
insurance districts, and Immediately he paus aud sYe-
cicat0ns thereof win the Insurance superintendent,
subject his aIprOyal and ~ he tlsapproys thcn 30
Mayor and Aldermen shall roGstrct lie cites IL
accordance WITH ms susse silohS. No conn any %
association uausacilhg IRE insurance business
III ms otdic shal.' aI.ef nc l"'ea se p.
this act, and tine redlstctn& referred TO- take Ca nave ~
risk on property other than dwellings, farm buildings
and their contents any city or town flee Insurance
district OF cry OF Town. An aholh' ekcecilh IT'S ctp-
TAI and net surplus. Whom from any csc the hct assets
Of am company association shall be- reduced % sam
less than the amount taken or held at riSN ln any
lire insurance distinct such company or assO iatiu
shall forthwith either cancel or return 10 the holder
tie mearnCd portion Oh ,ne premium uiOh po'.g'es
upon property ma olieA territory To an amount equal .
tie orno between the act ASS, t. dnd that taru n
held az risk Eject rensuarce upon such property or
kc sum; and no such oancrila on slail take place
company must make sworn return before the l1tH pf
every JANUARY 40 e superintendent OF INSURANCE" o 40
trct OF tie tat the 3Ist day ~ December next
ceding. The Insurance superintendent, wheneNor 80
panies sIcn statement OF any pant thereof ana n
also require such other Information anu adopt sen I'
and .uat be may deem proper ana nee >7-'
procure trustworthy INFORM lion on thls point. Z 80
peal clause OF The act provides that Tor every
Issued ia violation o the provisions OF TIE act D. A
surance company Incorporated under the laAs %. 80
state the President and secretary shall be- punsheD
line vi TjO; ana agents Of foreign companies doAS
mess IN this state, VINO violate the law, ahd, 10 a a
TO paying mo OF 200 Tor caeh policy 50 i.sne'., npo
second lotion, have tAtIr ccrtbees revoked ID 80
Insurance superintendent
m. board 81 UuderW propose 10 PAT the plan
10 immediate execution hen the ,omlteea reports ~
he officers OF each COM amy peagns tA, selves 40 carry
On their business tIc Cry good. district o. TINS bass
Mr. hoffman informed 1uBUNE reporter t.t whom tho
matter before the Board OF Llde"rtes az lis st
meeting, uO opposition ~ the adoption %. tle
plan IN this CITY He expressed himself strongly IA latOr
Of H. and he dld not theS any valid objection cond %
raised opposition Ia this plan Of INSURANCE, which must
prove beneficial 10 insurers aad s,curc greater satet5 -
90. com pAnes.