Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-28
ST. AGNES ACADEMY.
Statement Relative TO the Losses by
the Recent Fire and Adjustment by
the Insurance Companies.

In view of the interest manifested in the
calamity that recently befell st. Agnes female
academy, and the character of the insurance
companies holding policies on the institution
and its effects, we print the fol-
loving statement in in c fSa ocers ther Of
the Planters insurance company. The
Planters insurance company issued policy
for 1926 900 in favor of the st. Agnes acade-
my, on the following property: Building,
$4,000; furniture, $1,000; library, $500;
organ, 800; pianos, $4,000. Twenty thou
sand dollars of the policy was reinsured, be-
ing $25O0 in each Of the following companies:
Firemans Fund, of California; State, of Nash
Vile; Continental, New York; Phoenix, of
Memphis; Home, of Memphis; Mississippi
Valley, of Memphis; Bluff City, of Memphis;
Memphis City fire, of Memphis. A commit
tee, composed of w. H. Moore, secretary
of the Bluff City insurance company; DIR. S.
R. Clarke, secretary OF the Phoenlx insurance
company; and John G. Lonsdale, Jr., secretary
of the Planters insurance company, was ap-
pointed by these companies to adjust the losses.
Mother Superior Alfonso, president OF st.
Agnes academy, and this committee agreed
that Messrs. T. F. Callahan and Gus Reder
should appraise the damage on the building.
The same parties selected Messrs. Whitman
and Goeoel as appraisers on the pianos and
organs.
The first named appraisers, after careful
and impartial examination into the value of
the buildings, placed the same at $3.50,
which amount the insurance companies agree
to pay, and will do SO at the earli-
by the appraisers is accepted, although
one of the appraisers, MIR. Gus Re
Ger, well-known and reliable contractor.
has agreed In writing with the secretary OF
the Planters insurance company, to replace
| the building for the sum of $4,000 If the par
| ties desire to have the same rebuilt. While
the buildings were insured for $2O,OOO, the
appraisers fad that the sum of $3.50 covers
| all loss in this respect AS the buildings were
not totally destroyed. As to the excess OF
| the insurance over the actual loss, nothing
additional need be said, though it may be
| proper to remark, that the amount OF the
policy was based on those which had been
| previously issued. When, on the renewal OF
the present insurance two years ago, Mr..
John G. Lonsdale, Jr., secretary OF the RANT
ers, visited the mother superior OF st. Agnes,
he suggested that the amount of insurance
on the building be reduced, but this was OBJ
jected to and never accepted. Hence, MIR.
to distribute the insurance as already
given. He did, however, succeed
in having the policy of $500 on
! the library taken. AS soon as the COM
pany was informed of the value of the library
and the furniture, the former by the Sisters
| BENG 6SClmdtoQ at S1U,UU. IL
agreed, of Its own accord, and without hav-
| ing the examination or award of appraisers,
to the payment of the full amount of the pol
icy. The appraisers had nothing to do with
this, but were appointed to and engaged
only in estimating the loss to the buildings
and damages to the pianos and organ. There
is no question but what the amount allowed
by the appraisers on the building, and d, also
| that granted by the Planters on the library
and furniture, are just and equitable upon
the basis of their policy. While it Is ad-
mitted that the loss is considerable, still 1T
must be remembered that much OF this was
in property uninsured. The company IS la
BILE only for the actual amount OF actual loss
on property covered by its policy. Hence the
excess of loss over the amount due by lnsur-.
ance. In this instance there is a clear loss of
5000 on the library, accepting its value
at $4,000 the insurance being tor $500
only. And so with the furniture, the value
of which it is claimed was $4,000. the lnsur-
ance thereon being only $4,000, thereby leav-
ing clear loss of $4,000.