New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-19
FIRE INSURANCE INTERESTS.
THE NATIONAL BOARD OF UNDERWRITERS.
ITS SIXTEENTH ANNUAL MEETING-IMPoRTANT AC-

THE NATIONAL BOAhD VI ONDhh" III iEi'1'
ITS SIXTEENTH ANNUAL MEETING-IMPoRrANT AC-
TON IN REGARD TO COMMISSIONS TO AGENTS.
Tho National Board of Fire Underwriters at its
sixteenth annual meeting yesterday took important
ortion in the direction of improving the
conditions of the fire Insurance bust
after July, l 1852, the maximum rate OF c0mlns-
sion to agents on all classes of hazards to 10 per
cent. This commission is to apply TO tnee w I
nnder the jurisdiction of the Western Union Organ
zation of Fire Underwriter and those cities IN the
Eastern Middle and Southern States where broker
0e is recognized In these cities the Board Is TO fix
The maximum commission, except for the Melropol-
tan District of NewYoIk. where the limit Is put at
% ner cent 1t is also provided that the commits
sion shall comprise the whole compensation OF the
agent. cutting of all illegtlmate allowances,
~ we'll as 0filce rent, commissions contingent on
nrofts extra amounts for advertising That nave not
been SO expended etc. Strict adherence TO these
resolutions is made an absolute condition OF MEM
beTship IN the Board.
tbe withdrawal OF the Hoffman ire Insurance
Company of New-Yoril and the Northern OF Water
town, but it gained two at tHe meeting YESTERDAY
Inv the admission of the American and the Clinton
COMPANIES of New-YOrk. Several other com
panies are stated to be about seeking admission,
and the Executive Comini''ee oI t he poaIu
when made without waiting for the Hoard action
There were present at the meeting forty-hve per-
CONS renreSentlng forty companies President
Daniel 4, Heald, Of the Home Fire Insurance Com
many was in the chair and read long annual adj
dress tracing the history OF IRE insurance Tor the
lost tiftv wears and showing the important bcne-
fits derived from united action to maintain rates
and uniform commissions. As showing the elect OF
the disorganized condition OF business III late years
he said that had the average rate OF premium OBJ
tanned from 10 to ST. been main aimed during the
ost f0ur wears the companies would have increased
their premium receipts by Sil 42S,O93 81; their
losses remaining unchanged, the ratio OF losses to
| urcmium receipts would nave been decreased from
| "a % TO 40 10 per cent. The president congr&tu
lated the Board the fact that lever DIS lnnica
80 its interests had been introduced III the several
State Legislatures than Tor many years. Not Few
az the dee sOns III the courts had eeh laNorape 10
| the coluDanies and had SHOWN better appreciation
f ia economic ITinc iples of insurance lie sug-
csted that measures be taken TO secure more uni
! form and equitable method OF taxation OF the
| romnauies There were now 10 subscribing
| COMPANIES to the lncendarlsn and Arson Reward
| Fund. raising the fund to $l43,OOO. During the
| wear III rewards were offered, amounting To
| S4G $50; thirteen rewards, amounting TO $500
| were paid, convicing fifteen lnccndaries The re-
| searches of the census showed That nearly l,IOO
| coun0nies were engaged IN the insurance business
IN Tie country. In conclusion the president SAID:
We are nearer now than ever to an average premium
rate winch represents ana lncl9Geo ohy 4re cost aio
,sbnr and il is evident that profit, If II come at all, must
come from greater economy III lhls direction ITO" theI
Shall we characterize the IOHy Oh useless increase IL
COMMISSIONS as mcaled for by The agent as II viii vi
tnately injurious to Lu II the llne IOr united ac
,inu i'm rates has yet come, whence can We draw
safety to ourselves and security for the Insured
The report of the Committee on Statistics showel
that the amount of capital empl0Aed ~ 20 Amen
ann cn,unanies IN 1881 $1,000, 49,, agains
~; 60 10 5t5 Inv 2G9 companies in 1850 total in
CREASE of 81 ,j3S 1907. The total amount of div
dends paid by ne American comp me- IL 10 t90 81 va .,
| ar 81 Der cent in $780, the ratio OF DIVIDENDS Il
capital decreasing n of l per cent. The tota
outnmnt of lire losses by the American companies II
| III Nos S1O $50 92 against 50 ,39Z, 003 4G II
| 1880 an increase of 81, 4SS,2SS Oh or 1920 pc
| cent The losses of rs foreign companies III lSo
| were 81 $50 627, against 99, I2OO91 0o OF =
| lomnanIrsI m $50 an increase of - J3S, 932 AZ o.
| - per cent. The marine and INLAND fire loss
in 1881 We're $500 069, against 20 I3i,O2| W II
| 1880 an increase OF %1Zl,o4l Ol. ne Percehtag
| of fire.. losse, to hre premiums was New York com
panies. 50. 20 per cent III 1851 against 1880 Il
| 1850 companies of other states. 14OI III 1881
| AGAINST IS 81 IN 1850 all American companies
53g2 against 80 II; foreign companies. 6o0;
against SO 90 The average percenlage OF IRE losSe
| 10 fire premiums Tor all companies was oo.SO pc
cent III 1881 against 54l2 III looo an increase q
| LA per cent. - L., u
| conlparies was 500 002, 80 Ill 1851 against TOl,
| 931 ;}UJ 70 in 1880, an increase OF 9IOoo,OO3 ~
or Al per cent. The net income over expend!
lures for the American companies III 1851 was %,
| ESQ Az or 7.54 per cent on the capital invested
All the companies wrote fire risks amounting 10 %,
$50, O2l ,751, an increase OF $74IOOIO63 owe
he Board after finishing its routine bushes
| discussed the resolutions hXlng uniform rate o
| coulmi, sons The general sentiment OF the speaker
| was emphatically III favor OF taking immediate dc
ton the only question raised being the advlsabilit
| of first providing methods Tor carrying out In
proposition OF the resolutions III was nI-e'
that many COMPANIES Toui" '0 iavor Of
| uniform ma Amum commission, aud II was argue
| that high commissions hurt the agents As wen Il
the companies 10y increasing The number OF dgeh's
| The resolutions were auOp ca unanimously
| The president was authorized 10 appOln' specla
| committee OF five to consider the subject OF TAX
| alton. The old officers were then reelected ana III
| following members OF the Executive Committee [
| serve Tor three years: l.. j. Hender, OF the AItni
| of Hartford; D. f.. PulsfOrd, OF the Liverpool an
| London and Globe ". /. Barton, of the Merchant
| of Providence, and Andrew j. Smith, OF the Man
| haitian, OF New-lOrk.