New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-04
LOCAL MISCELLANY.
.nvANcyNG INSURANCE. RATES.

ADNANClNG lNoOhhNtE M 10.
TIE TARIFF ASSOCIATION OF AUTHORIZATIONS
OF LEADING UNDERWRITERS TO RR-EsrABilsu
EQUITABLE RATES.
number of experienced underwriters Of this city
met about a year ago and discussed various plans
for restoring uniform insurance rates in New-York,
Brooklyn Jersey City and Hoboken. They held
several meetings and finally. in September last.
appointed a committee 10 prepare plan oil organ
ization. This committee consisted OF George l..
Hope president of the Continental Fire Insurance
Company: John W. Murray. vice-president of the
German American Fire Insurance Company
Charles Sewall, assistant American manager OF the
Commercial Union Insurance Company, London
James Yercancc. American manager OF the Lon
don and Lancashire Insurance Company. Eng
land; ID. A. Reald vice-presdent of the
Home Insurance Company: NJ. A. Stone,
and George w. Montgomery. Last week the com
mittec ready With its report and four meetings
were held for its consideration. Many OF the best
COMPANIES having offices III this cry VET &c hr re-
sentcd The following Is the substance oil tbe re-
port adopted II,
The association Of fire insurance composites VIII
he called =" The Tariff Association of New 1ork
Fire Underwriters" Its members must be members
of the National Board of Fire Underwriters, but ~
will have separate officers and a distinct orSaniZa-
iion It's constitution and bylaws when Completed
will he submitted Ia ali the companies for their
signature. aud when all who are considered essen
tial to It's success have signed It's rules VIII he put
into effect.
The rules and rates adopted are to apply to the
cities OF New-lork. Brooklyn jersey City ana no
boken. ~ 80
Tie rates on stone and brick dwellings shall he ] $
GEMS on 800 and on the furniture IN the same 20
cents on 500 The rates ON dwellings occupied IN
part as stores shall be from p to 80 cents. on the
furniture from 10 to - cents, and on merchandise
from 30 10 go cents. Term policies may be wnt,
ten for three wears Tor two ana one-haii aiihu'i
premiums, and fol five years for four aDnQal pre-
mums 49,. u.
lpit A.
rating OF the buildings. The association lays special
stress upon this rule of the utmost Importance.
This schedule rating places building. the construc-
tIon OF which nearly perfect. at the lowest rate
Every deviation from this standard must be pald
for by the owner. IL Is maintained that Gom 1
merchants who have complied with the require
menis of the Board and have provided safeguards
against fire i'm the erection or remOdelllng
of their buildings; and who are entitled
10 a lower rate of insurance than those
who have neglected these requirements. IL Is also
claimed that the business of underwriters Is not
merely pay for fire losses. but 10 prevent fires:
and that when owners OF carelessly constructed
buildings find that they have TO pay heavily from
year to wear for their deviatols from the standard,
they will find II 10 their interest TO alter their
buildings as 10 secure insurance az the lowest
rates. Thus 1t IL believed that IN time all large
cities and towns Will have ;heiI business houses
built as only few dozen are built now-as nearly
as possible fre-proof
sured persons, aud brokerage shall be limited to
Taper cent.
Where rates are estaDlisneu outside tne netropi-
tan district, the members of the Tariff Association
are To adhere to them, aud 10 pay a rate of COM
mission thereon not exceeding 10 per cent, but no
part thereof or OF the premium TO be returned TO
the insured.
Ii ~ provided in the report of the Committee
that, in all cases of competition with companies not
members of the association, any member will DO
permitted TO bind the risk competed for, subject to
the decision of committee To be appointed TO act
upon such cases. This rule referred back TO
the Committee report details of the plan. rule
providing Tor penalty to be paid 10y any member
Of the association for a violation of any of its rules
was also referred back In the Committees report
it was provided that each company should make
deposit of 81 900 guarantee against devIatOns
from the rules but 1t Is thought the amount VIII DO
reduced 10 $500 or even TO 900.