Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-05-28
ST. AGNES ACADEMY.

agnes Female Academy, and the chsrac
ter OF the insurance companies holding
policies on the institution and its effects,
we print the following statement in con
n%ection Herewith, furnished BY the off.
eers of the Planters Insurance Com.
pany. The Planters Insurance Com.
pany issued a policy for $25, 900 in favor
Of the St. Agnes Academy, on the follow.
ing property: Building, 800, 900; iurni.
ture, $4,000; library, 5000; organ, 800;
pianos, $4,000. Twenty thousand dol.
lars Of the policy was reinsured, being
S25OO in each of the following compa.
MES; Firemans Fund. Of California;
State, Of Nashville; Continental, New
York; Phoenix, of Memphis; Home, of
Memphis; Mississippi Valley, Of Mem.
phisi Bluff City, of Memphis; Memphis
City Fire, Of Memphis. A committee
composed Of W. H. Moore, secretary of
the Bluff City Insurance Company; DR..
S. R. Clarke, secretary Of the Phoenix
Insurance Company; and John G. Ions.
dale, jr., secretary of the Planters In.
surance Company, was appointed by
these companies to adjust the losses.
Mother Superior Alfonso, president Of
St. Agnes Academy, and this committee
agreed that Messrs. T. F. Callahan aud
Gus Reder should appraise the damage
on the building. The same parties Sc
lected Messrs. Whitman aud GoepeI as
appraisers on the pianos and organs.
The first named appraisers, after a
careful and impartial examination into
the value Of the buildings, placed the
same at $6250, which amount the insu-
rance companies agree to pay, and will
do SO at the earliest possible moment.
This valuation by the appraisers is &C.
cepted, although one Of the appraisers,
Mr.. Gus Reder, a 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 $500 il the parties desire to have
the same rebuilt. While the buildings
we're insured for 800, 600, the appraisers
find that the sum Of S625O covers all
loss in this respect, as the buildings we're
not totally destroyed. As to the
excess OF the insurance over the
actual loss, uothing 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 Planters, visited the
mother superior Of St}Agnes, be sug
gested that the amount OF insurance on
the building be reduced, but this was OBJ.
jected to and never accepted. Hence,
Mr.. Lonsdale had nothing more to do
than to distribute the insurance as al
ready given. He did, However, succeed
in having the policy of 5000 on the
library taken. AS. soon as the com
pany was informed Of the value Of the
library and the iurniturt, the former by
the Sisters being estimated at $lO,O 900,
it agreed Of its own accord, and
without having the examination or
award OF appraisers, to the pay.
ment of the foil amount Of the policy.
The appraisers had nothing to do with
this, but were appointed to ana engaged
only in estimating the loss to the build.
ings aud damages to the pianos and
organs. There is no question but what
the amount allowed by the appraisers on
the building, and also that granted by
the Plaaters on the library and furniture
are just aud equitable upon the basis Of
their policy. While it is admitted that
the loss is considerable, still it must be
remembered that much Of this was in
property uninsured. The company is
liable only for the actual amount Of &C.
tual loss on property covered by its pol.
icy. Hence the excess of loss over the
amount due by insurance. In this in
stance there is a clear loss of $1,000 on
The library, accepting its value at So.
900, the insurance being for 5000 only.
And so with the furniture, the value OIL
which it is claimed was $4,000, the iusur
ance thereon being only $4,000, thereby
leaving a clear loss Of $4,000.