The Portland daily press., 1883-05-18
FIRE INSURANCE.
Annual Meeting of the National Board Of
Underwriters.

Annual Meeting OF tne Nhsionai Dodru oi
Underwriters.
New YORK May 1.-THE annual meeting Of
tbs National Board of Fire Underwriters was
held today. In his address the President, ID.
A. Heald, said The year elapsed since our
last annual meeting has not been profitable
one. The causes that were pointed out as hav-
ing been silently and potenty at work 10 re-
ducine the business nf fire insurance to its then
condition, have, during the past year shown
increased activity and poiut has now been
reached that 10 pregnant with danger TO the
entire system as ~ present conducted Old
rules aud maxims once deemed essential
10 success are RAPIDLY disappearing. Innova-
tions that would havs shocked hs conserya ism
of a few years since are fast becoming the rule
aud not the exception. Reviewing the his ory
OF the year he said the work OF framing
local boards had been vigorously pressed for
ward and there are at present not less than
10c0;sthat thesboards aud tariff associations are
III good working order. The reduction OF the
rate OF commission TO 10 per cent. has worked
much good TO the business.
The annual report OF the committee on in
cendiarism and arson showed that there we're
nov 1l8 subscribing companies, whose united
subscriptions amounted to $l47 ,2l4 During
the year l4S rewards were offered by the pro-
visonal committee amounting to S4o,O0O, and
OF which ten rewards were paid amounting TO
S2,7e0, by means OF which the conviction OF
ii incendiares was secured. The capital OF
The American companies reporting to the New
YORK insurance department for 1857 decreased
W ,493, ,b72; the dividends $4l2702 premiums
have increased 81 ,o56.l l84 and losses Increased
I'll. S92, ,l42; per ceptage of losses paid has in
creased irem 53.D2 10 66 81, while the expenses
have gone up from 1858 to 30 62. Foreign
Companies show an increase oil S0,7IO1CJ ia
premiums with increase In loss OF @3,6l7 ,4O6.
The grand total shows an increase OF 1914 ll6,-
303 in amount written, an increase OF $685.
1888 In premiums with increase IN losses 49,
769,54 Rates OF loss to premiums increased
from 10, $50 TO 10 .844.
During the year the profits on every 500
written was OIL Is compared with 1881, which
consumed Ia losses and expenses 80 ii Of pre-
MUM; 1882 bears the palm and has oevonred
92.93 Of premiums 10 say nothing oil Increased
liabilities for losses The rate of burning Is
upward, and from the figures given lthe con
cluslon would seem TO be inevitable that the
actual fire cost irrespective Of expenses has in
creased during the last nine years. The fact
exists that premiums obtained have not been
equal or adequate to the protection expected
aud fghtfulis demanded The fire cost has
not been fairly met by rates charged. T@en-
ry-rrfYeo -sis-.-s..---s-ssat maryTn or profit
with average skill of management is less than
five cents on each SiCJ Of risks. Oar term
risks, especially, are written too low. They
are mortgages on our future Their enormous
increase with their attendant low rates is today
the most dangerous feature in our business.
This eoncluded the presidents ADDRESS. The
following officers were elected for the ensuing
year:
President-D. A. Head.
Vice President-J w. Murray.
Secretary--D. W. Q. Skilton.
Treasurer--J. S. Parish.
To fill vacancies GU the Executive Commit
tee-Peter Wolman, OF New York, Charles
Platt, of Philadep phia, Albert Bowker, of Bos-
ton, aud james Nichols, OF Hartford
Resolutions were adopted declaring that the
national board ought u embrace all reputable
companies doing fire insurance business on a
stock capital in the United States; that il was
OF the Eighest importance To the Insurance.
interest 10 shos< strong front 10 the attacks on
business arising from oppressive legislation, ex-
cessive taxation, etc, but that such front the
board could not show with its present mum
bers. La order TO bring up the board 70 full ef-
fcsncy, aud IN oder TO facilitate the entrance
Of companies, the platform OF The board
should be broad enough for all companies to
stand together. The board views with great
satisfaction the formation OF tarins, whether
stimulated by the spontaneous action of specil
and local agents, and approving oil such works
as eminently calculated TO repair the falling
fortunes OF hrs companies. On a basis OF
these resolution sll FIRE Insurance companies in
good standing are invited 10 unite with the IA
tional board.