Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-05-29
or Fire Insurance.

The New York Association of Supervising
and Adjusting Agents of Insurance held
a session at Syracuse last week, at which a
report on lncendiarism was presented,
which contains some facts worthy of gen
eral attention. According to the report,
purely accidental fires are very rare, those
resulting from culpable carelessness and I'M
known causes constituting one-hali if not
two-thirds of the whole This is indeed
startling statement. During 1877 property
valued at seventy million dollars was re-
duced to ashes in the United States, and
this report, made to insurance agents by
one of the most experienced and trustwor-
thy Of their number, declares that "one-
half at least of this large amount is charge
able to incendiarism."
In looking for remedy for this sad state
of things, the report does not hesitate to place
share of the blame for the increase OF in
cendiary fires upon the insurance companies.
II charges that in the fierce scramble for
business they have loaded themselves down
with risks at inadequate rates that they
have not insisted that their agents should
thoroughly scrutinize values and steadfastly
resist all attempts at over-insurance; that
they have been altogether too jealous to
keep up their line of business, especially
premiums, even on falling market. 1t fol-
lows from this indictment that one of the
remedies which the report recommends is to
be applied by the companies themselves, and
is to consist of increased prudence and watch
fulness in the conduct of their business.
Another of the remedies spoken of was APP
piled in lS77-to the shutting up in New
York state prison Of thirty fire-bugs. Six
of the thirty received life sentences while
| the remainder have received, on an average,
terms of eight and one-half years. 1t is sug-
| gested that if the system of rewards is prop
erly and systematically guarded it may be
made powerful lever in ferreting out this
terrible crime. The report concludes with
the assertion that the great source Of in
cendiarism is over or full insurance, and the
recommendation that, as rule, no insurance
company should insure property at over two
thirds of its market value.
The annual report of the insurance COM
missioners of New Hampshire has just ap
peared. 1t contains abstracts of the doings
of seventeen town mutual fire insurance
companies, having at risk some three and
onehalf millions. The average cost of this
insurance during 1877 was twenty-six cents
per one hundred dollars. 1t also contains
statements of five state mutuals having al
risk some twelve millions. Fortune doe,
not appear TO have favored this class Of com
panies in New Hampshire, and the few thai
remain have absolutely nothing left for flu
ture reliance but their premium notes. Their,
are sixty-four fire insurance companies o.
other states and countries licensed TO do bust
ness, having at risk in the state about $50,
100000. These companies received during
1877 in the state in premiums Si03 ,S08,2S
and paid losses TO the amount of S267, 500 %
or ffty-seven per cent. of the premiums re
ceived, the claims for losses having reache,
nearly one thousand in number. He ais,
gives warning that the rates charged for in
surance are now so low that many companie
: are doing business at an actual loss, the re
suit of which If persisted in must be disas
ter, and suggests that the business publ
, cannot afford TO invite weak or unstable in
e surance for the temporary advantage of 10,
a rates.