National Republican., 1880-10-23
The Und,rwr,tcr,, Couyen,,on.

NEW York, Oct. 22-In tho underwriters con-
ventlon to-day the business committee submitted
a report on profit insurance They reported unar.
imously In favor Of insurlng OH rents recognizing
1t legitimate insurance not profits but actual
loss and not dangerous 10 fire insurance interests
The committee was in favor OF condemnlng the
practice OF insurance of commissions beyond an
amount covering charges and expenses aud such
properly OF commission rs would have been paid
in the face OF withdrawal Of goods. The commit
tee reported In favor OF condemning the practice
of profit insuunces on manufacturing risks so sub
verSive of one of the principles of the fire under
writing tending TO encourage incendiarism. The
committee. cOndemued the practice of insuring
general profits on general business.
The first proposition was discussed at some
| length and then was allowed to drop. The second
proposition, relating TO commissions, was referred
| To special committee, TO be appointed by the
chair, to report at the next meeting. The third
proposition was amended TO read that the practice
of insuring profits on manufacturing risks should
| be condemned as unwiSe and ineXpCdlcnt and In
this form was adopted. The fourth proposition re-
latins to the condemnation ofthgpractce or profit
insurance on general business risks, was also
adopted.
The business committee then reported on Mr..
OakleyS resolution on the subject of state dopOsits
and the first part of II, protesting against such de.
posts as unjust TO companies and also to citizens
was adopted; The second part, referring to cases
appear as liability against assets orthe corporation
making them, was altor discussion voted down.
Mr.. Cowardin's resolutions declaring It to be the
rates ana commissions t1 agents and to substitute
reysiOns SO rs 10 receive Just rates and fair COM
m. sionS was discussed a. length.
Mr.. Wherty offered the following as n substitute :
RcsO,rtd, That II is the sense of This convention
that II is the duty Of nl insurance companies I'm the
interest of their policy holders 10 do al in their
power TO establish and maintain justly adequate
rates of premiums, and that we advise all COM
paiies to instruct their agents TO unite with other
in urance officers and agents in efforts 10 ascertain
and faithfully maintain such rates throughout the
country.
iir. briggs offered an amendment that the New
York board of underwriters be requested to abolish
rebates, FIX net fiat rates and allow ten per cent
brokerage only.
Mr.. Ball Of Toronto offered rs a substitute for the
whole matter that II was the sense Of the conyen-
ton that each member of the United Fire Under
writer's association of America shall individually
exert his utmost efforts toward the formation and
satisfactory working of local boards throughout
the United States"
Mr. James offered 10 amend this by adding the
words and especially in New York" but OH vote
the amendment was lost, and Mr.. Balls substitute
was adopted, thus disp0sing of the whole question.
Mr., IIeald Of the Home insurance company
offered u resolution suggesting that underwriters
In New York be requested as matter of justice to
themselves 10 become united and form local
board. Adopted
Tho timo aud place for holding the next meeting
of the body was referred 10 the advisory committee
Chairman Hall appointed the following as Il
committee Oh the Massachusetts, cod fled policy
Messrs. ID. A. llcald, II. A. Oakley II. Kellogg, W.
II. Ross, George l." Chase, Albert Bowker and A,
l.. Snowlen.
The convention adjourned sine die.